Section 23: Internal borrowing.

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