Section 15: Limit on borrowing

(1) Subject to the following provisions of this section, the Minister may by order direct that the aggregate of the amount outstanding in respect of the principal of any monies borrowed by the Corporation, shall not at any time exceed N100,000; and while such an order is in force that aggregate amount shall not, except with the approval of the President, exceed the sum so specified.
(2) Nothing in this section shall prevent the Corporation from borrowing in excess of any limit (if any) imposed by virtue of subsection (1) of this section, for the purpose of paying off any loan.
(3) A person lending money to the Corporation shall not be bound to enquire whether the borrowing is within the power of the Corporation.