Section 3: Authority to raise loan.

(1) The Minister is hereby authorized to raise a loan or loans outside Nigeria not exceeding in the aggregate the sum of eighty million naira and such further sum or sums as may be necessary to defray expenses in connection with the raising thereof.
(2) Such loan or loans shall be raised any manner provided by-
(a)
the General Loan and Stock Act; or
[Cap. G2.]
(b)
the Government Promissory Notes Act.
[Cap. G4.]
(3) References in any of the Acts referred to in subsection (2) of this section to the general revenue and assets of the Colony shall, for the purposes of this Act, be construed as references to the general revenue and assets of the Federation.