Section 41: Framework for debt management.

(1) The framework for debt management during the financial year shall based on the following rules
(a) Government at all tiers shall only borrow for capital expenditure and human development, provided that, such borrowing shall be on concessional terms with low interest rate and with a reasonably long amortization period subject to the approval of the appropriate legislative body where necessary; and
(b) Government shall ensure that the level of public debt as a proportion of national income is held at a sustainable level as prescribed by the National Assembly from time to time on the advice of the Minister
(2) Notwithstanding the provisions of subsection 1(a) of this section and subject to the approval of the National Assembly, the Federal Government may borrow from the capital market.
(3) Non-compliance with the provisions of this section shall make the action taken an offence