Section 8: Borrowing powers

(1) Subject to subsection (2) of this section, the Corporation may,from time to time, borrow such sums as it may require in the exercise of its functions under this Act.
(2) Subject to the following provisions of this section of this Act the Corporation shall not without the approval of the President, borrow any sum of money whereby the amount in the aggregate outstanding on any loan or on all loans at any time exceeds N400,000.
(3) Nothing in this section shall prevent the Corporation from borrowing in excess of the limit imposed under subsection (2) of this section for the purpose of paying off any loan.
(4) A person lending to the Corporation shall not be bound to enquire whether the borrowing is within the power of the Corporation.