Section 22: Borrowing powers

(1) Subject to subsection (2) of this section, the Authority 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, the Authority shall not, without the approval of the President, borrow any sum of money whereby the amount in aggregate outstanding on any loan or on all loans at any time exceeds N500,000 or such other limit as the President may specify from time to time.
(3) A person lending to the Authority shall not be bound to enquire whether the borrowing is within the power of the Authority or not.