Section 1: Authority for Central Bank to issue Treasury Certificates

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