THE BORROWING BY PUBLIC BODIES (AMENDMENT) DECREE, 1966
Decree · Finance
Policy date: 1966-01-01
A Decree that amends the framework for public sector borrowing to strengthen oversight and regulation. It targets federal and state government bodies, statutory corporations, and finance ministries. This ensures appropriate government control over public loans.
THE BORROWING BY PUBLIC BODIES (AMENDMENT) DECREE, 1966
What Is This Policy?
A 1966 military decree amending the Borrowings by Public Bodies Act to update the regulatory framework for public sector borrowing during the post-independence period.
Who Does It Target?
Federal and state government bodies Statutory corporations borrowing from capital markets The Debt Management Office (successor responsibility) Federal Ministry of Finance
What Does It Aim to Achieve?
Update the legal framework for public sector borrowing to reflect the fiscal needs of the post-independence period and ensure appropriate government oversight of public body loans.
Key Features
Amendment Provisions: Updates specific provisions of the Borrowings by Public Bodies Act. Oversight Requirements: Strengthens government oversight requirements for public body loan transactions. Expanded Coverage: May extend the scope of bodies required to obtain approval before borrowing. Historical Reform: Part of the post-1966 legislative reform of Nigerian financial law.
Current Status
Rollout Stage: Provisions incorporated into current Borrowings by Public Bodies Act Coverage: Public sector borrowing Beneficiaries: Orderly public sector debt management Funding: Not applicable
How to Access
Current public borrowing framework: engage DMO at https://www.dmo.gov.ng Application method: Current public sector borrowing: apply to Debt Management Office.
Important Terms
The 1966 Decree's provisions have been incorporated into the current Act Current legal framework for public borrowing is the Borrowings by Public Bodies Act as amended Public bodies must still obtain ministerial approval before borrowing
Official Resources
Website: https://www.dmo.gov.ng Contact: Debt Management Office (DMO)
Legal Framework
Promulgated under the decree-making powers of the Supreme Military Council as an amendment to the Borrowings by Public Bodies Act. Now retained within the Laws of the Federation of Nigeria framework. Operates alongside the Debt Management Office (Establishment, etc.) Act, the Fiscal Responsibility Act 2007, the CBN Act 2007, and the External Loans Act. Provides the historical legal foundation for current public sector borrowing regulations.