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.