Section 3: Borrowing from International Bank

(1) Subject to the provisions of this Act, the President may, in such manner and on such terms and subject to such conditions as he thinks fit, and in the name of the Government of the Federation, borrow from the International Bank a sum not exceeding N30,000,000 or its equivalent in other currencies.
(2) For the purpose of subsection (1) of this section a loan which is authorised by and made in pursuance thereof-
(a) shall be deemed to be made on the date that any agreement providing therefor is signed, notwithstanding any other date on which the loan or any part thereof may be made available or may be drawn; and
(b) shall be deemed to be in such amount of pounds sterling as is the equivalent, at the rate of exchange in force at the date of such signature, to the amount of the loan as expressed in the currency in which the loan is denominated in or for the purpose of such agreement.
(3) The money raised under the authority of this Act shall be appropriated and applied to the purposes specified in the Schedule:
Provided that where in the opinion of the President it is not possible in respect of any part of such money to apply it for the purposes so specified, such part may be applied to such other purposes as may be approved by him and agreed by the Minister of Finance and the International Bank.
(4) Any allocation of this loan to the Nigerian Railway Corporation shall be paid by the Treasury to the Nigerian Railway Corporation out of the general revenues and assets of the Federation, which are hereby appropriated to the purpose.
(5) The power to borrow conferred by subsection (1) of this section shall be in addition to the power to borrow conferred by any other Act.
(6) A copy of any agreement concluded with the International Bank in respect of any sums borrowed under the provisions of subsection (1) shall be laid before the National Assembly within thirty days of the conclusion thereof or, if the National Assembly is not sitting at a time when such may be done, then within fifteen days after the commencement of its next sitting.