Section 60: Adjustments to levy to meet deficiency or eliminate excess (amended by Section 8 of the Asset Management Corporation of Nigeria (Amendment) Act, 2015)

(1)
on an annual basis during the tenor, the Board of Trustees in conjunction with the central Bank of Nigeria and the corporation shall determine whether the aggregate of the contribution of the Central Bank of Nigeria to the Resolution cost Fund at the level prescribed in, or under, subsection (1) of section 608 of this Act; and the proceeds of the annual levy imposed on eligible financial institutions at the level prescribed in, or under, sub-section (1) of section 60C of this Act, over th course of the tenor, "Total Funding" will be sufficient to meet, over the course of the tenor, the obligations of the corporation arising from debt securities issued by the corporation under this Act, which the corporation, based on its funding model, wiil be unable to meet or, whether the Total Funding will, over the course of the tenor, be in excess of the amount required to meet the said obligations of the corporation.
(2)
where, under section 60F of this Act, a determination is made that the Total Funding will be insufficient; the Governor shall be mandatorily required to adjust upward the number of basis points prescribed in, or under subsection (1) of section 60C of this Act, to such level as is necessary to ensure that the Total Funding is sufficient over the course of the tenor, to meet the obligations of the corporation arising from debt securities issued by the corporation in pursuance of this Act, which the corporation will, based on its funding model, be unable to meet from its own resources.
(3)
Where,under section 60F(1) of this section,a determination is made that the Total Funding will be in excess of the amount required; the Governor shall be mandatorily required to adjust downward the number of basis points prescribed in, or under section 60E (1) to such level as is necessary to eliminate the excess.
(4)
An adjustment made by the Governor under section 60F(3)and(4) shall be published in the Gazette, and shall come into effect at the beginning of the financial year immediately following the year in which a determination is made under section 60F(1).