Section 2: Authority to raise loan in Nigeria.

(1) The President is hereby authorised to raise a loan or loans in Nigeria not exceeding in the aggregate the sum of sixty 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 in any manner provided by the Government Promissory Notes Act or by the Local Loans (Registered Stock and Securities) Act, and references in the latter Act to the general revenue and assets of Nigeria shall be construed as references to the general revenue and assets of the Federal Republic of Nigeria.