Section 8: Borrowing powers.

(1) Subject to the other provisions of this section, the Corporation may, from time to time, borrow by overdraft or otherwise howsoever such sums as it may require in the exercise of its functions under this Act.
(2) The Corporation shall not, without the approval of the president, borrow any sum of money whereby the amount in aggregate outstanding on any loan or loans at any time exceeds such amount as is for the time being specified by the National Council of Ministers.
(3) Notwithstanding subsection (2) of this section, a person lending to the Corporation shall not be bound to enquire whether the borrowing is within the power of the Corporation or not.
(4) Where any sum required aforesaid-
(a) is to be in currency other than naira; and
(b) is to be borrowed by the Corporation otherwise than temporarily,
the Corporation shall not borrow the sum without the prior approval of the president.
(5) For the purposes of this section, any money borrowed by the Corporation from a subsidiary thereof or by any such subsidiary from the Corporation or any other subsidiary thereof shall be disregarded.