Section 44: Conditions of borrowing and verification of compliance with limits.

(1) Any Government in the Federation or its agencies and corporations desirous of borrowing shall, specify the purpose for which the borrowing is intended and present a cost-benefit analysis, detailing the economic and social benefits of the purpose to which the intended borrowing is to be applied.
(2) Without prejudice to subsection (1) of this section, each borrowing shall comply with the following conditions -
(a) the existence of prior authorization in the Appropriation or other Act or Law for the purpose for which the borrowing is to be utilized ; and
(b) the proceeds of such borrowing shall solely be applied towards long-term capital expenditures
(3) Nothing in this section shall be construed to authorize borrowing in excess of the limits set out in section 44 of this Act.
(4) The Commission shall verify on a quarterly basis, compliance with the limits and conditions for borrowing by each Government in the Federation.
(5) Without prejudice to the specific responsibilities of the National Assembly and Central Bank of Nigeria, the Debt Management Office shall maintain comprehensive, reliable and current electronic database of internal and external public debts, guaranteeing public access to the information.