Section 8: Implementation of obligations under agreement

(1) Notwithstanding anything contained in any Act or Law, the President may exercise all such powers and authorities and do or cause to be done all such things as appear to him to be necessary for giving full and complete effect to any agreement which may be entered into with the International Bank in respect of the borrowing authorised by sub-section (1) of section 3.
(2) A Nigerian corporation shall not, without the consent of the President, create any lien on any of its assets as security for any loan raised by it outside the Federation unless it is expressly provided that the lien will ipso facto equally and ratably secure that payment of the principal of and interest and other charges on any loan made by the International Bank and raised under the authority of this Act.
(3) In this section-
"lien" includes mortgages, pledges, charges, privileges and priorities of any kind.