Section 22: Bureau to determine issuance of securities

(1) Subject to the provisions of section 7 of this Act the Bureau shall in collaboration with Central Bank of Nigeria and the Accountant-General of the Federation determine-
(a) the amounts and timings for the issuance of Federal Government short-term and medium-term securities in the Nigerian money market;
(b) the repayment or roll-over of existing or maturing issues;
(c) the appointment of underwriters to the issues specified in paragraph(a) of this subsection to ensure their success;
(d) the floatation of Federal Government long-term securities to raise appropriate funds in the capital market;
(e) the payment of interest, maintenance of a register of holders and redemption of securities at maturity;
(f) the creation and management of sinking funds to provide for the redemption of securities at maturity;
(g) any other form of securities that may be created, issued or floated to achieve the domestic debt management objectives of the Federal Government;
(2) The Bureau shall review and advise Government on the maintenance of statutory limits for all categories of loans or debt instruments at levels compatible with economic activities for sustainable growth and development.
(3) The Bureau, for the purpose of achieving the objectives specified in this section, may-
(a) liaise or cooperate with State Governments or other relevant institutions within or outside Nigeria; and
(b) maintain accounts with the Central Bank of Nigeria.