Section 16: External Borrowing.

(1) The Bureau shall annually advise the Federal Government on the financing gap for the succeeding financial year and the amounts to be borrowed for bridging the gap both internally and externally.
(2) Any advice issued by the Bureau under subsection (1) of this section shall, among other things form the basis of the national borrowing programme for the succeeding financial year as may be approved by the National Assembly.
(3) The Ministry and the Bureau shall be responsible for leading the negotiation and acquisition of such loans and credit referred to in subsection (1) of this section.
(4) All external borrowing proposals of the Federal Government, its agencies, State Governments and Local Governments and their agencies for the next succeeding year shall be submitted not later than 30th August of each year to the Minister for vetting and incorporation into the public sector external borrowing programme for the following year.