RAILWAY LOAN (INTERNATIONAL BANK) ACT

Section 5: Sums borrowed and interest and other charges to be a charge on general revenue

1958Section 5 of 8Federal Republic of Nigeria

(1) All sums borrowed under the powers conferred by subsection (1) of section 3, and all interest and other charges payable thereon respectively, shall be a charge on and shall be payable out of the general revenue and assets of the Federation, which are hereby appropriated to the purpose.
(2) The Treasury shall-
(a) repay out of the general revenues and assets of the Federation such sum or sums as may be necessary for securing repayment of any sum so borrowed in accordance with the amortisation charges thereon; and
(b) pay out of the general revenues and assets of the Federation such sum or sums as may be necessary for securing payment of interest on any sum so borrowed and of all other charges payable in respect thereof, and any such sums shall be a charge on the general revenues and assets of the Federation.

Cite this section

Section 5, RAILWAY LOAN (INTERNATIONAL BANK) ACT (1958).

https://repo.podus.ai/laws/railway-loan-international-bank-act/section/5/