Section 20 Civil Aviation Act 2022

Section 20 of the Civil Aviation Act 2022 is about Power to borrow and invest. It is under Part V (Financial Provisions) of the Act.

(1) Subject to applicable laws and regulations, the Board may borrow by overdraft or otherwise, such money as the Authority may require for the performance of its functions under this Act.

(2) The Board shall not, without the approval of the President borrow money, which exceeds, at any time, the limit set by the Government of the Federation.

(3) Notwithstanding subsection (1), where the sum to be borrowed is in foreign currency, the Board shall not borrow the sum without the prior approval of the President on the recommendation of the Minister.

(4) The Board may, subject to the provisions of this Act and the conditions of any trust created in respect of any property, invest all or any of its funds in accordance with any general guidelines approved by the President.

(5) The Board may invest funds in such securities as it deems fit and proper.

(6) The Authority shall strive to recover the whole of its costs and to achieve reasonable returns on capital and investment.