Section 23: Borrowing powers

(1) Subject to subsection (2) of this section, the Corporation may, from time to time, borrow such sums as it may require in the exercise of its functions under this Act.
(2) The Corporation shall not, without the approval of the President, borrow any sum of money whereby the amount in aggregate outstanding on any loan or on all loans at anyone time exceeds N500,000 or such other limit as the President may specify from time to time.
(3) Notwithstanding subsection (2) of this section, a person lending to the Corporation shall not be bound to enquire whether the borrowing is within the power of the Corporation or not.