TIN PRODUCTION AND DEVELOPMENT REVOLVING LOANS FUND ACT
Section 1: Establishment of the Revolving Loans Fund.
(1) There shall be established a fund to be known as the Tin Production and Development Revolving Loans Fund (in this Act referred to as "the fund").
(2) There shall be paid into the fund-
(a)
a sum of N160,000, representing part of capital previously made available for the purpose of promoting tin mining production and development in Nigeria in connection with the International Tin Agreements to which Nigeria is a contracting party, the payment of which had been charged upon the Consolidated Revenue Fund; and
(b) such sums as may from time to time be credited to the fund by way of payment of the principal and interest on and other charges in respect of any loan made out of the fund, and also any interest from investments made from the fund.
Section 2: Purposes of the fund.
(1) The fund may be utilised for promoting efficiency and higher productivity in the tin mining industry, and in particular, for providing loans to assist any eligible small mining operator.
(2) In this section, "eligible small mining operator" means a person who-
(a) conducts tin mining operations on a scale approved by the Director-General, Federal Ministry of Mines, Power and Steel;
(b) in respect of whose mineral reserve and extraction process an approval has been given by an officer of or above the rank of a Senior Inspector of Mines in the Federal Ministry of Mines, Power and Steel; and
(c) in relation to whose application for a loan a recommendation has been obtained by the Director-General, Federal Ministry of Finance from the officer mentioned in paragraph (b) of this subsection.
Section 3: Disbursements from the fund.
Disbursements from the fund shall be made in accordance with rules made under section 23 of the Finance (Control and Management) Act.
Section 4: Short title.
This Act may be cited as the Tin Production and Development Revolving Loans Fund Act.