Section 3: Authority for Central Bank to issue treasury bills.

(1) The Minister is hereby authorised to borrow by the issue in Nigeria of Federal Government Treasury Bills, and the Central Bank of Nigeria, when authorised in writing by the Minister may for that purpose issue in Nigeria, within the terms of the authority and subject to any direction given by the Minister, such Federal Government Treasury Bills together with such further Treasury Bills as shall be required to pay off at maturity Treasury Bills already lawfully issued.
(2) The principal sums represented by any Treasury Bills outstanding at any one time under the provisions of this section shall not exceed one hundred and fifty per cent of the estimated revenue retained by the Federal Government and gross revenues of the States during the year then current.