Section 24: Approval for grants or loans to a foreign State, etc.

(1) Approvals for grants or loans to a foreign state or any international body or any of its agencies may be granted in accordance with the procedure specified in this section.
(2) Applications for grants to a foreign state may be submitted by the President to the National Assembly and may be approved subject to such terms and conditions as may be prescribed by a resolution of the National Assembly.
(3) An application specified in subsection (2) of this section shall indicate the-
(a) foreign policy objectives underlining the request or proposal;
(b) terms and conditions of the grant;
(c) benefits which Nigeria stands to derive from the grant; and
(d) state of the relations existing between the foreign state or international body and Nigeria at the time of the request or proposal.
(4) The National Assembly shall, by resolution, decide whether or not the grant may be made.
(5) The President shall forward a request to the National Assembly for approval of loans to a foreign country or any other intending body or any of its agencies for ratification.
(6) The Bureau shall negotiate the terms and condition of the loan referred in subsection (5) and the resident shall thereafter submit it to the National Assembly for ratification.