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UNDERSTANDING NIGERIA’S APPROPRIATION BILL 2025

The 2025 Budget, titled “The Restoration Budget: Securing Peace, Rebuilding Prosperity,” was presented by President Bola Ahmed Tinubu during a Joint Session of the National Assembly on Wednesday, December 18, 2024. To date, the budget is yet to receive legislative approval from the National Assembly, marking the latest start to the yearly legislative process for financial appropriation in 25 years. The Chairman of the Senate Committee on Appropriation, Senator Solomon Adeola, attributed the delay to the introduction of the Tax Reform Bill which is required to be passed concurrently with the Appropriation Bill 2025 and without which the underpinning revenue assumption will be doubtful. He further noted that the National Assembly is working diligently to pass the Appropriation Bill by January 31, 2025. In the interim, the National Assembly has approved an extension to the term of the 2024 Appropriation Act from December 31st 2024 to June 2025.

The 2025 Budget represents a significant step toward improving the overall health of the Nation’s economy, restoring macroeconomic stability, and building on the progress recorded by the current administration in the last nineteen months to give the Nigerian economy the much needed uplift.

In his Budget Proposal presentation, President Bola Tinubu outlined the Federal Government’s key priority areas for the 2025 fiscal year, to include restructuring the economy, boosting human capital development, increasing trade and investment volumes, bolstering oil and gas production, and revitalizing the manufacturing sector to enhance Nigeria’s economic competitiveness. He emphasized that defense and internal security, infrastructure development, healthcare, education, human capital development, and agriculture remain at the core of his administration’s fiscal objectives.

The budget proposal is guided by the assumptions set out in the multi-year Medium Term Expenditure Framework (MTEF) 2025–2027 and the Fiscal Strategy Paper (FSP) which serve as a vital tool for prudent fiscal management and resource allocation. The MTEF incorporates factors such as inflation, interest rate, currency exchange rates, foreign exchange reserves, capital import flows, and the performance of the preceding year’s budget to establish the foundational assumptions influencing the fiscal plan for 2025.

Comparative Analysis of Key Budget Assumptions

	2025	2024	2023
Crude Oil Price (Per Barrel)	$75	$77.96	$75
Crude Oil Production (MBPD)	2.06	1.78	1.69
GDP Growth Rate	4.6%	3.88%	3.75%
Inflation Rate	15%	21.4%	17.16%
Exchange Rate (USD 1)	NGN 1500	NGN 800	NGN 435.57

Table 1: Comparison of key assumptions underlying Nigerian budgets from 2023 to 2025

Fig 1: Key Assumptions in the 2025 budget

Key Elements of the Budget – Revenue summary

The 2025 Appropriation Bill projects a total revenue of NGN 36.35 Trillion, a 40.51% increase from the total aggregate revenue for 2024.

The total aggregate revenue of NGN36,352,202,174,299 for 2025 is therefore broken down as follows:

FGN Share of Net Federation revenue is projected to be NGN 27.49 Trillion – (75.56% of the total aggregate expenditure).
Independent Revenue is projected to be 3.47 Trillion representing – (9.51% of the total aggregate expenditure).
Other Dividends (less NLNG Dividend) are projected to be NGN 7.52Billion – (0.02% of the total aggregate expenditure).
Aids and Grants are projected to be NGN 761.9 Billion – (2.09% of the total aggregate expenditure).
Special Funds/Account Receipts are projected to be NGN 300 Billion – (0.83% of the total aggregate expenditure).
Revenue from Government-Owned Enterprises are projected to be NGN 2.87 Trillion – (7.89% of the total aggregate expenditure).
Other Revenue Sources are projected to be NGN 1.46 Trillion – (4.02% of the total aggregate expenditure).

The Medium-Term Expenditure Framework (MTEF) 2025–2027 and Fiscal Strategy Paper (FSP) assumes a total revenue of NGN 34.82 Trillion for 2025:

Oil-related sources: NGN 19.6 Trillion, representing 56.32% of the total projected revenue.
Non-Oil-related sources: NGN 15.22 Trillion, representing 43.68% of the total projected revenue, which includes non-oil taxes, mining revenue, GOE revenue, aids, grants, and social fund receipts.

Whilst there exists a marginal discrepancy between the projected revenue in the 2025 Appropriation Bill (NGN 36.35 Trillion) and the MTEF/FSP assumption (NGN 34.82 Trillion), the negligible margin of difference suggests alignment in the fiscal posture of the Federal Government. The almost equal ratio of oil related revenue and non-oil related emphasizes the drive to achieve a more diversified revenue pool, particularly from taxes, government-owned enterprises, and social funds, reinforcing the government’s commitment to a sustainable fiscal mix.

Figure 2: percentage-based representation of revenue projection under the 2025 budget

Key Elements of the Budget – Expenditure Summary

The Appropriation Bill 2025 projects a total aggregate expenditure of NGN49.74 Trillion, reflecting a 41.91% increase in comparison 2024, including the approved supplementary budgets.

The projected expenditure for 2025, amounting to NGN49,740,165,355,396, is allocated as follows:

Aggregate Capital Expenditure is estimated at NGN14.85 Trillion representing 29.85% of the total aggregate expenditure, and a 7.84% increase from the 2024 budget including the approved supplementary budgets.
Recurrent (non-debt) expenditure is estimated at NGN14.12Trillion representing 28.39% of the total aggregate expenditure, and a 25.40% increase from the 2024 budget including the approved supplementary budgets.
Total Debt service is estimated at NGN16.33Trillion, representing 32.83% of the total aggregate expenditure, and a 97.81% increase from the 2024 budget including the approved supplementary budgets.
Statutory transfers are estimated at NGN4.44 Trillion, representing 8.93% of the total aggregate expenditure, and a 154.60% increase from the 2024 budget including the approved supplementary budgets.

Of the total aggregate expenditure approved for the 2025 financial year, a total of NGN8.2 trillion is appropriated for the service of domestic debts and NGN7.6 trillion for the service of foreign debts, while NGN 430.268 billion is to be held in a Sinking Fund Account for the retirement of maturing promissory notes.

Fig. 3: percentage based representation of revenue allocation under the 2025 budget

	2025	2024	2023
Aggregate Expenditure	NGN49.74tn	NGN28.7tn	NGN21.83tn
Statutory transfers	NGN4.44tn	NGN1.743tn	NGN967.49bn
Recurrent (non-debt) expenditure	NGN14.12tn	NGN8.769tn	NGN8.33tn
Capital expenditure	NGN14.85tn	NGN9.995tn	NGN6.46tn
Debt service	NGN15.89tn	NGN8.271tn	NGN6.31tn
Sinking Fund	NGN430.2bn	NGN223.662bn	NGN247.7bn

Table 2: YOY Comparison of expenditure allocation in the budgets from 2023 – 2025

Key Elements of the Budget – Budget Deficit and Deficit Financing

The Budget deficit for the 2025 fiscal year stands at NGN13.39 trillion, representing 3.9% of our National GDP and a 45.36% increment from the NGN 9.18 trillion budget deficit for 2024. This sharp increase highlights the Federal Government’s strategic decision to expand fiscal spending in response to pressing national priorities. Although this exceeds the threshold set by the Fiscal Responsibility Act, the Federal Government has represented that the need to address critical security and economic challenges validates this increased expenditure. The Budget deficit is expected to be financed primarily from the proceeds of strategic asset sales/privatization which Federal Government estimates will return circa NGN312,332,810,711 (2% of total deficit); multilateral/bilateral project-tied loans disbursements estimated at NGN3,799,281,435,450 (28% of total deficit) and other debt financing sources estimated at NGN9,276,348,934,936 (69% of total deficit).

The Federal Government’s approach to deficit financing reflects an unprecedented strategy, relying on a domestic and external borrowing threshold. Whilst this strategy will likely facilitate economic growth and development across various sectors, it leaves in its trail growing concerns about rising National debt, layered with rising cost of debt service which could further flay inflationary pressure.

Fig 4: percentage-based representation of the allocation of the budget deficit financing under the 2025 budget

Analysis of the 2025 Budget – Key highlights

Macroeconomic assumptions

As with previous budgets, questions have been raised around the viability of the macroeconomic assumptions underpinning the 2025 Appropriation Bill. The USD exchange rate benchmark is set at NGN1,500/USD, whereas current market rate hovers around NGN1,535/USD. The gap between the projected and actual exchange rates signals a significant risk, especially if FX availability declines or the FX market conditions worsen. We note however that the Central Bank of Nigeria’s (CBN) Electronic Foreign Exchange Matching System (EFEMS), may likely improve transparency and efficiency in the FX market.

Furthermore, a review of the performance of the 2024 budget reveals discrepancies in inflation assumptions which was projected at 21% for 2024 and which later settled at 34.6%; oil production was pegged at 1.78mbpd, yet actual production averaged 1.4mbpd. These variances have raised significant concerns about the credibility of the 2025 assumptions, especially given persisting challenges such as oil theft, fluctuating global crude prices, and foreign exchange volatility. Critics argue that these overly optimistic assumptions could lead to higher deficits and greater borrowing to cover revenue shortfalls.

Ambitious Revenue Assumptions

The revenue projections for 2025 have drawn significant scrutiny from experts, with the Federal Government projecting a total revenue of NGN36.35 trillion, representing a 40.51% increase from the 2024 budget revenue projection. This includes projected oil revenue of NGN19.6 trillion, a target that many consider overly optimistic, given Nigeria’s declining oil production volumes of circa 1.6mbpd over the past two years and the persistent challenges of pipeline vandalism, oil theft, and fluctuating crude prices. However, the recent approval of major oil and gas acquisitions, such as the Seplat-Mobil Petroleum Nigeria Unincorporated (MPNU), Oando-Eni, Chappal-Equinor, and Shell-Renaissance deals are expected to increase oil and gas production capacity. These deals, which bring in critical investments for the development of new oil fields and the revitalization of existing ones, are anticipated to help Nigeria achieve higher output levels, and possibly validate the production assumptions.

In the light of the record decline in consumer spending and the growing economic hardship, many stakeholders have also adjudged the Non-oil revenue projections as ambitious. The Federal Government expects NGN15.22 trillion from non-oil sources, including VAT and Corporate taxes. It is however worthy of note that the Federal Inland Revenue Service (FIRS) exceeded its 2024 revenue collection target, realizing NGN21.6 trillion over and above the NGN19.4 trillion target, including significant gains in Company Income Tax and Education Tax.

It is our considered opinion that achieving the 2025 revenue projections hinged primarily on increased oil and gas production, Stabilization of global oil prices and production costs fluctuations in oil prices could directly impact the revenue from this sector and Significantly improve the non-oil revenue stream.

Debt Financing and Rising Debt Servicing Cost

Under the 2025 Budget, debt service is estimated at NGN16.33 trillion, accounting for 32.83% of total expenditure, significantly higher than the NGN8.49 trillion allocated in 2024. This increase reflects both the rising debt stock and the impact of global interest rate hikes on external borrowings. The fluctuating exchange rate, instability of the Nigerian Naira, and the rise in domestic lending rates further exacerbate the debt servicing burden, as more local currency may be required to meet both foreign and domestic debt obligations.

Nigeria’s growing debt burden continues to be of great concern to stakeholders. The 2025 Budget deficit of NGN13.39 trillion will be financed through a mix of borrowing, multilateral loans, and asset sales/privatization proceeds, further increasing the country’s debt stock. Debt-to-GDP ratio, which stood at 50.7% in 2024 is however projected to decrease marginally to 49% in 2025, highlighting concerns about long-term fiscal sustainability. The high debt-servicing costs will crowd out spending in vital sectors such as healthcare, education, and infrastructure, hindering efforts to achieve inclusive economic growth, thereby calling for an efficient long-term debt management strategy and enhanced fiscal discipline.

The 2025 Tax Reform Bill

The proposed 2025 Tax Reform Bill, currently undergoing the legislative approval process, is what underpins key revenue assumptions under the 2025 Budget and the Federal Government’s strategy to increase revenue generation and improve fiscal sustainability. This Bill which has been applauded by many stakeholders, shows a much longer term approach to tax reforms in contrast to the previous Buhari administration, which passed a Finance Bill alongside its Appropriation Laws to deliver strategic reforms and stimulate economic activity in priority sectors in each Fiscal Year. The Tax Reform Bill when passed, is expected to enhance tax compliance, streamline fiscal policies, expand the national tax base, and consolidate existing tax laws, whilst delivering long-term fiscal health, and addressing systemic inefficiencies in tax administration and aligning tax policies to the broader fiscal objectives of the Federal Government.

Conclusion

The 2025 Appropriation Bill is an ambitious fiscal proposal designed to restructure critical sectors of Nigeria’s economy, drive revenue growth, and tackle pressing national challenges. Its key objectives include reducing dependence on petroleum imports, promoting the export of finished petroleum products, boosting agricultural production through improved security, and increasing foreign exchange inflows through foreign investments. Further, the budget targets a significant increase in crude oil output and exports while aiming to lower upstream oil and gas production costs. However, the ongoing delay in the budget’s approval by the National Assembly poses the risk of potentially stalling progress on these vital initiatives and delaying the execution of key projects.

Achieving the objectives of the 2025 budget will require a comprehensive and strategic approach by the Federal Government. This includes the rigorous implementation of tax reforms, diversification of the economy to reduce oil dependency, substantial investment in critical infrastructure, and the strengthening of governance frameworks to enhance transparency and accountability. These measures are essential for improving fiscal discipline, attracting investments, and building a resilient economic foundation.

For businesses, subject to its timely passage, we already see key economic benefits that are likely to positively impact the business landscape in Nigeria. The significant increase in capital expenditure is expected to translate to increased infrastructure development; it is also expected that the Country will enjoy a much more stable and predictable fiscal and monetary policy direction which will restore investor confidence and promote economic growth.

The Budget also records significant allocation of revenue to education:- supporting teacher training, supporting initiatives such as the Universal Basic Education, Vocational Training Initiative, the expansion of the National Open University of Nigeria, and the promotion of equal opportunity to education through scholarships and grants to students from disadvantaged backgrounds. This will in the long run improve the size and depth of the Nation’s skilled workforce pool which has suffered significantly on account of increased workforce migration.

In summary, the 2025 budget presents promising opportunities for sectors such as manufacturing, agriculture, education and infrastructure with the increased capital flow to be recorded in the current fiscal year and the overall impact this will have on the overall economy. Nonetheless, businesses must remain proactive and adaptable, keeping a close watch on evolving fiscal policies, potential tax reforms, and macroeconomic indices that may impact their operations. Ultimately, the budget’s success will depend on timely legislative approval, efficient policy execution, and prudent fiscal management. These factors will determine the extent to which the 2025 budget influences Nigeria’s economic trajectory and the broader business landscape.

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DealHQ Partners In Country FactSheet, Education, Uganda

FICHE D’INFORMATION PAYS PAR PAYS: UGANDA

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L’OUGANDA EN UN COUP D’ŒILT

1. POINT DE REPÈRE:

L’Ouganda est un pays enclavé situé dans la région de l’Afrique de l’Est. Il est bordé par le Soudan du Sud au nord, le Kenya à l’est, la Tanzanie au sud, le Rwanda au sud-ouest et la République démocratique du Congo à l’ouest.

1.1. Population:

La population totale est de 49,2 millions de personnes, composée de 24 millions d’hommes et de 25,2 millions de femmes. L’Ouganda est principalement rural avec une population urbaine de 28,6 %. Il a la deuxième population la plus jeune au monde avec un taux de croissance démographique de 3 % par an.

1.2. Climat:

L’Ouganda a un climat tropical chaud. La saison sèche dans le nord-est de décembre à février et la saison des pluies est d’avril à octobre. Le centre-sud a deux saisons des pluies (de la fin mars à mai et de la fin septembre à décembre). Les zones les plus sèches sont le Sud-Ouest et le Nord-Est qui sont plus sujets à la sécheresse. Les zones les plus humides sont le centre-nord et certaines rives du lac Victoria. L’Ouganda connaît le phénomène de l’oscillation australe El Niño (ENSO), un phénomène climatique mondial important qui découle des variations des vents et de la température de la surface de la mer au-dessus de l’océan Pacifique tropical et peut conduire à des événements extrêmes tels que les inondations et la sécheresse. Le pays est également vulnérable à d’autres catastrophes naturelles comme les tempêtes de grête, les tempêtes de vent, les glissements de terrain, les tremblements de terre et la foudre.

2. DATES PERTINENTES DANS L’HISTOIRE

L’Ouganda a obtenu son indépendance du Royaume-Uni le 9 octobre 1962.
Le 2 mars 1966, le Premier ministre Milton Obote a suspendu la constitution et a violemment destué le président Edward Mutesa.
Idi Amin a pris le pouvoir le 25 janvier 1971 par le premier coup d’État militaire, a annexé le territoire tanzanien en 1979 et a été renversé le 11 avril 1979.
La guerre de Bush en Ouganda a eu lieu de 1981 à 1986 entre la résistance du Seigneur.

Fêtes Nationales

26 Janvier	Journée de la liberation Également connue sous le nom de Journée de libération du Mouvement national de résistance (NRM). Le jour où Museveni a renversé le régime oppressif d’Obote.
16 Février	Jour de l’archevêque Janan Lawum Créé en 2015 pour commémorer la vie et les contributions de l’ancien archevêque de l’Église anglicane d’Ouganda Janani Luwum.
3 Juin	Jour de Matryr Célébration des chrétiens persécutés pour leurs croyances par Kabaka Danieri Basammula-Ekkere Mwanga Mukasa II (la 31e Kabaka de Buganda) entre Novembre 1885 et Janvier 1887.
9 Juin	Journée nationale des héros Commémore les personnes décédées pendant la guerre de Bush en Ouganda.

3. INDUSTRIES ET SECTEURS CLÉS

3.1. Agriculture:

Emploie 68% de la main-d’œuvre. Les 10 principaux produits sont les plantains, le maïs, la canne à sucre, le manioc, le lait, les haricots, les patates douces, le riz, les légumes et le café.

3.2. Fabrication:

Représente environ 21% du PIB. L’industrie est dominée par les étrangers et couvre la transformation du sucre, le brassage, le tabac, les textiles de coton, le ciment, la production d’acier.

3.3. Tourisme:

Parc national des chutes de la Reine Elizabeth et Murchison, parcs nationaux du mont Ruwenzori et du Nil, du lac Victoria et du lac Albert, de Bwindi et de Mgahinga.

3.4. Huile et Exploitation Minière:

L’Ouganda possède de riches réserves minérales: cuivre, tungstène, étain, cobalt, columbite-tantalite, or, phosphate, minerai de fer et calcaire qui sont extraits. Le pétrole a été découvert dans le pays en 2006.

3.5. Services Financiers:

L’écosystème comprend les banques, les compagnies d’assurance, les sociétés de microfinance et les sociétés d’investissement. L’Ouganda compte 2 bourses – Uganda Securities Exchange et Altx East Africa Limited créées en 1997 et 2013 respectivement.

3.6. Transport:

L’Ouganda dispose actuellement d’un aéroport international – l’aéroport international d’Entebbe, un deuxième aéroport (Kabalega également appelé aéroport international de Hoima) est en construction. L’Ouganda dispose également de plusieurs pistes d’atterrissage et aérodromes nationaux.

3.7. Communication:

Les services comprennent les journaux, la radio, la télévision, le courrier et les services Internet.

4. IMPORTATIONS MAJEURES

Équipement lourd
Fournitures médicales/Pharmaceutiques
Véhicules
Engrais
Huile et graisses des legumes
Plastiques

5. PRINCIPALES EXPORTATIONS

Or
Café
Préson et produits à base de poisson
Sucre brut
Cacaoo
Produit pétrolier
Fer et acier
Thé

6. PRINCIPALES OPPORTUNITÉS D’EXPORTATION

Marché agricole dynamique: l’Ouganda a des terres fertiles abondantes, des conditions météorologiques favorables et une production bimodale dans la majeure partie du pays.

Industrie pétrolière émergente: l’Ouganda compte environ 1,4 milliard de barils de pétrole récupérable, les premières exportations de pétrole étant attendues en 2025.

Croissance de l’économie de marché libre: Le FMI prévoit une croissance moyenne de 6 % au cours des trois prochains exercices.

Marché de consommation substantiel et en croissance rapide: Le taux de croissance annuel de la population de l’Ouganda, d’environ 3 %, est parmi les plus élevés au monde.

L’adhésion de l’Ouganda aux zones commerciales internationales et régionales offre un accès accru au marché et améliore les possibilités d’exportation. Un exemple est celui des exportations hors taxes vers les plus de 200 millions de personnes sur le marché de la Communauté de l’Afrique de l’Est (EAC).

7. PARTENAIRES ÉCONOMIQUES CLÉS

7.1. Importations

Chine (1,3 Million De Dollars)
Inde (959 millions de dollars)
Kenya (773 millions de dollars)
Tanzanie (744 millions de dollars)

7.2. Exportations

Émirats arabes unis 1,8 Million De Dollars
Kenya (466 millions de dollars)
Soudan Du Sud (357 Millions De Dollars)
RDC (357 millions de dollars)

8. PRINCIPAUX RÈGLEMENTS COMMERCIAUX

La loi 2019 sur le code de l’investissement (Nouveau Code)	Prévoit des règlements pour les investissements locaux et étrangers en Ouganda.
Uganda Revenue Authority Act 1991	Favorise l’évaluation, la perception et l’application des impôts.
La loi de 2012 sur les entreprises	Réglemente la formation, la gestion et la dissolution des entités commerciales.
Loi minière de 2003	Régit l’exploration, l’extraction et le traitement des ressources minérales.
Loi de 2004 sur la concurrence	Favorise la concurrence loyale et freine les pratiques anticoncurrentielles.
Loi de 2015 sur le partenariat public-privé	Fournit le cadre juridique pour la mise en œuvre des partenariats public-privé (PPP) en Ouganda et facilite l’investissement dans les infrastructures publiques.
Loi de 2013 sur la lutte contre le blanchiment d’argent	Prévoit l’interdiction et la prévention du blanchiment d’argent.
Uganda National Bureau of Standards (Amendment) Act, 2013	Établit des normes pour les produits et services afin d’assurer la qualité et la sécurité.
Trade Licensing Act 1969	Réglemente le commerce et les autres questions liées au commerce.

9. PROCESSUS DE CRÉATION D’ENTREPRISE

9.1. Formes d’entités commerciales:

Les structures juridiques pour faire des affaires en Ouganda comprennent: les entreprises individuelles, les sociétés de personnes, les sociétés à responsabilité limitée, les sociétés publiques, les sociétés étrangères, entre autres.

9.2. Processus d’enregistrement de la société à responsabilité limitée

Demander au registraire des sociétés pour une recherche de nom;
Réservation de nom auprès du Bureau des services d’enregistrement de l’Ouganda: le nom est valide pendant 30 jours;
La loi de 2012 sur les sociétés prévoit des articles modèles, qui peuvent être adoptés par une entreprise lors de l’enregistrement. Vous pouvez également rédiger et adopter votre protocole de service et votre statut d’association;
MEMART doit être exécuté par au moins 1 actionnaire;
Payer le droit de timbre de 0,5 % et des frais d’inscription prevus à 1 % du capital social nominal de la société;
Tous les documents constitutifs sont ensuite enregistrés par le registraire et l’entité reçoit un numéro de société;
Les documents constitutifs comprennent: une forme des administrateurs et des actionnaires de la société, un état du capital nominal et un avis d’adresse de la société;
L’enregistrement peut prendre entre trois et cinq jours à compter de la date de soumission des documents au registre des sociétés.
Par la suite, inscrivez-vous auprès de l’autorité fiscale ougandaise pour obtenir le numéro d’identification fiscale et la licence de négociation.

9.3. Enregistrement des sociétés étrangères

Il s’agit de sociétés constituées en dehors de l’Ouganda mais enregistrées en Ouganda.
Déposer un mémorandum et des statuts ou tout autre document certifié par le registraire des sociétés du pays d’origine;
Déposer une copie certifiée conforme du certificat de constitution;
Formulaires de la société A19, A20 (Particules particulières des administrateurs et des secrétaires), A21 (Document de constitution de la société amalgamée/Document d’avis de changement de constitution) et A22 (Certificat d’administrateurs);
Payez les frais d’inscription estimés et soumettez la documentation pour traitement au registre des entreprises.

10. TAXES

Impôt sur le revenu	Conformément à la loi de 1997 sur l’impôt sur le revenu, il s’agit d’un impôt sur toute personne, à la fois naturelle et artificielle, qui a un revenu imposable (dérivé de l’Ouganda) au cours de chaque année d’imposition. Le taux d’imposition pour les sociétés résidentes et les succursales de sociétés étrangères est de 30%.
Retenue à la source	Appliquée aux paiements de dividendes et d’intérêts conformément à la Loi de l’impôt sur le revenu de 1997. Le taux WHT applicable aux revenus d’intérêt (à l’exclusion des revenus d’intérêt sur les titres d’État) à une personne résidente est de 18%, tandis que pour les non-résidents, il est à un taux de 15%. à l’exclusion des intérêts sur les titres d’État.
Taxe sur la valeur ajoutée	Perçue, conformément aux lois de 1996 sur la taxe sur la valeur ajoutée, sur les biens et services fournis en Ouganda, ainsi que sur les importations. Le taux de TVA standard est de 18%.
Droit de douane	perçu sur les marchandises importées dans la Communauté de l’Afrique de l’Est (EAC) conformément aux dispositions de la Loi sur la gestion des douanes de la Communauté de l’Afrique de l’Est (EACCMA). Le taux de droit de douane applicable est prescrit dans le tarif douanier extérieur du CAE, 2017, communément appelé code CET. En général, un taux de droit à l’importation de 25% s’applique aux importations en provenance de pays en dehors du CCE.
Impôt sur les gains en capital	Est perçu au taux de 30 % sur les gains réalisés lors de la vente d’actifs situés en Ouganda, conformément à la loi de 1997 sur l’impôt sur le revenu.
Droits de timbre	Sont facturés à 1 % de la valeur commerciale totale de la transaction, conformément à la loi de 2014 sur les droits de timbre.
Droits d’accise	Administré conformément à la loi de 2014 sur les droits d’accise calculé conformément aux taux indiqués à l’annexe 2 de la loi. Il est payable sur les marchandises fabriquées dans le pays.

11. INCITATIONS ET CONCESSIONS

11.1. Incitations générales:

Exonération de 100 % sur les dépenses de formation pour l’agro-transformation, l’ajout de valeur minière et le développement des parcs industriels.
Exonération de 100 % sur les dépenses de recherche scientifique.

11.2. Agro-traitement:

Exonération de 100 % de l’impôt sur le revenu de l’agro-transformation.
Congé fiscal pendant les 10 premières années sur l’exportation de biens de consommation finis et d’é
Exemption sur la zone de transformation d’exportation sur les matières premières et les marchandises intermédiaires importées, les machines et l’équipement, les pièces de rechange à usage exclusif dans la zone franche.

11.3. Ajout de valeur minière:

100 % de recouvrement des coûts sur l’exploration, le développement et la production.
L’allégement indéfini en espèces sur la TVA (TVA réputée) sur les fournitures de l’entrepreneur et l’exonération de TVA sur les autres intrants miniers non couverts par l’allégement réputé/en espè
Les machines et les pièces de rechange à usage direct et exclusif dans l’exploitation minière sont exonérées de tous les droits à l’importation en vertu de la cinquième annexe de la Loi sur la gestion des douanes de la Communauté de l’Afrique de l’Est.

11.4. Développement des parcs industriels:

10 ans d’exonération fiscale pour les investisseurs étrangers et nationaux pour la location ou la location dans un parc industriel/zone franche avec un capital d’investissement minimum de 50 millions USD ou 10 millions USD respectivement.
10 ans d’exonération fiscale sur la TVA pour tout promoteur du parc industriel sur les bases suivantes (Pas de TVA sur tout paiement pour les études de faisabilité, les services de conception et de construction ; l’équipement et les machines de terrassement ; les matériaux de construction).
Un amortissement fiscal accéléré unique sur la base de coût de la propriété au taux de 50 % est accordé aux personnes qui investissent dans des installations et des machines en dehors des frontières de Kampala ; tandis que pour les bâtiments industriels, 20 % sont accordés aux personnes qui développent de nouveaux bâtiments industriels pour la première fois.
Aucune taxe d’accise n’est prélevée sur les matériaux de construction pour les développements dans un parc industriel.
L’équipement est importé hors taxes.

11.5. Conditions d’accès aux incitations

L’entité ou la personne doit faire des affaires dans l’industrie à laquelle l’incitation s’applique.
Doit avoir obtenu une licence d’investissement et un certificat de l’Autorité d’investissement ougandaise.
Un investisseur étranger doit déposer une somme de 100 USD ou son équivalent dans les shillings ougandais comme condition préalable à la

12. INDICATEURS DE FACILITÉ DE FAIRE DES AFFAIRES

12.1. Classement

Le rapport 2020 sur la facilité de faire des affaires de la Banque mondiale a classé l’Ouganda au 116e rang parmi les 190 économies en termes de facilité de faire des affaires.
L’Ouganda s’est classée 12e en termes de facilité de faire des affaires en Afrique, avec un coût moyen de démarrage et de gestion d’une petite et moyenne entreprise évalué à 163 USD.

12.2. Taxes:

La taxe sur l’argent mobile et la taxe sur les médias sociaux qui imposent une taxe de 0,5 % sur les transactions d’argent mobile et UGX 200 par jour sur les services Over The Top (OTT) respectivement, ont grandement eu un impact sur la facilité de faire des affaires.

12.3. Création d’entreprise:

Les investisseurs nationaux et étrangers sont tenus d’avoir un capital d’investissement minimum de 50 000 USD et 1000 000 USD respectivement, pour se qualifier pour l’enregistrement et obtenir une licence d’investissement de l’Autorité d’investissement de l’Ouganda.

Processus bureaucratiques lourds pour les investisseurs étrangers.

12.4. Corruption:

L’Ouganda est la 141 nation la moins corrompue sur 180 pays, selon l’indice de perception de la corruption de 2023 rapporté par Transparency International.

13. PÉNÉTRATION INTERNET/ADOPTION NUMÉRIQUE

Au début de 2024, il y avait 13,30 millions d’internautes avec une pénétration totale d’Internet à 27%.
33,34 millions de connexions mobiles cellulaires étaient actives en Ouganda au début de 2024 (l’équivalent de 67,7 % de la population totale).
En janvier 2024, il y avait 2,60 millions d’identités actives d’utilisateurs de médias sociaux.
La croissance de la pénétration d’Internet est attribuée à l’expansion des réseaux mobiles à large bande, à l’abordabilité des téléphones intelligents, à l’amélioration de la prestation de services publics numérique, à l’essor d’une population technophile et à l’augmentation du commerce é

13.1. Le gouvernement ougandais a lancé plusieurs programmes pour améliorer la pénétration d’Internet. Les programmes comprennent:

a. Le projet d’accélération numérique-GovNet (UDAP-GovNet) qui vise à élargir l’accès à Internet haut débit et abordable, et à renforcer l’inclusion numérique.

b. La feuille de route pour la transformation numérique de l’Ouganda lancée le 17 août 2023 par le ministère des TIC et de l’Orientation nationale, une stratégie globale qui façonnera le paysage technologique du pays.

c. L’Autorité nationale des technologies de l’information de l’Ouganda (NITU-U) met l’accent sur la transformation des services gouvernementaux en déployant plusieurs projets d’administration en ligne qui couvrent : les visas électroniques, le système de déclaration en ligne IGG, les marchés publics électroniques, la communication numérique avec les citoyens.

d. Le développement du marché numérique unique (un écosystème numérique intégré qui s’étend au-delà des frontières nationales, facilitant les interactions et les transactions numériques transparentes) permet aux entreprises ougandaises d’accéder à 200 millions de consommateurs supplémentaires et d’accroître les choix pour la transformation numérique et l’inclusion des ougandais.

14. SOCIÉTÉS MONDIALES EN OUGANDA : ÉTUDES DE CAS

On estime que Total energies, une société française et la société chinoise China Offshore Oil Corporation (CNOOC) investissent environ 10 milliards de dollars dans le financement de la préproduction. Les projets d’infrastructure dans le secteur pétrolier comprennent des installations centrales de traitement, des pipelines de produits raffinés, un pipeline d’exportation de 3,5 milliards de dollars et la raffinerie de pétrole de 4,5 milliards de dollars.

Total Eren (une filiale de Total Energies) a conçu et commandé la centrale électrique de Soroti, la plus grande du genre en Afrique de l’Est. Il est connecté au réseau électrique ougandais.

Agilis Partners, une initiative d’un groupe d’investisseurs américains (composé d’Asili Farms et de Joseph Initiative Ltd) a investi dans des opérations agricoles commerciales à grande échelle axées sur le maïs, le soja, le tournesol et d’autres céréales. Agilis emploie la communauté locale et compte actuellement environ 675 employés, dont un nombre important de femmes.

À PROPOS DES PARTENAIRES DE DEALHQ

DealHQ Partners est une société panafricaine de conseil en transactions, dont le siège social est à Lagos, au Nigeria, mais avec une empreinte de service dans toute l’Afrique. Notre mission est de permettre aux entreprises dans toute la région en conduisant une Afrique connectée grâce à la pensée sans frontières, à l’exécution rigoureuse et aux solutions simplifiées.

Nous changeons le visage des services juridiques avec notre offre combinée de conseil juridique, combinée au conseil en gestion et au soutien mondial de conciergerie – ce qui nous permet d’apporter le meilleur de l’Afrique au monde et de connecter le monde à l’Afrique.

Sans doute l’une des entreprises à la croissance la plus rapide en Afrique, notre équipe est jeune, dynamique et innovante, ce qui fait de nous le faire pour des conseils d’accords innovants sur mesure en Afrique.

DealHQ Partners In Capital Markets, Corporate, Newsletters, Regulation & Policy

FEDERAL HIGH COURT RULES IN FAVOR OF SINGLE SHAREHOLDER COMPANIES

FEDERAL HIGH COURT IN A LANDMARK JUDGMENT EXPANDS SCOPE OF SINGLE SHAREHOLDER COMPANIES

On 30^th July 2024, the Federal High Court sitting in Abuja delivered a notable judgment in Suit No: FHC/ABJ/CS/665/2023, to the effect that all private companies in Nigeria, regardless of when they were incorporated, can have a single shareholder. This landmark judgment clarifies the application of Section 18(2) of the Companies and Allied Matters Act 2020 (CAMA 2020) allowing older private companies to transition into single shareholder entities and has significant implications for business growth and development in Nigeria.

This ruling was delivered in the case of Primetech Design and Engineering Nigeria Limited (Primetech) & Julius Berger Nigeria Plc (JBN) v. Corporate Affairs Commission (CAC), which centered on Primetech’s attempt to transfer all its shares to JBN, making JBN the sole shareholder. Applications were made to the CAC on that effect however, the CAC refused to register the share transfer instrument, citing section 571(c) of CAMA 2020, which states that a company may be wound up if the number of members is reduced below two. The FHC in disagreeing with the argument of CAC that section 18(2) of CAMA 2020, which allows private companies to have a single shareholder, only applies to companies incorporated after the commencement date of CAMA 2020, ruled that this interpretation would defeat the ease-of-doing-business and the intentions of the legislature and would ultimately be discriminatory.

The court’s ruling resolves the uncertainty surrounding the scope of section 18(2), which previously seemed to only apply to private companies incorporated after the enactment of CAMA 2020. This decision paves the way for businesses to restructure and adapt to changing circumstances, promoting ease of doing business in Nigeria. The ruling also addresses concerns regarding section 571(c) of CAMA 2020, which permits winding up of companies with reduced membership. The court held that this provision does not apply to private companies exercising their right to have a single shareholder under section 18(2).

This judgment is a significant step for private companies in Nigeria as this has provided clarity on shareholder requirements and company structure. Companies whether incorporated under CAMA 2020 or the repealed CAMA 1990 can now transition into single/sole shareholder entities if desired without risk of being wound up by the regulator, promoting flexibility and business growth and ensuring a level playing field for all private companies in Nigeria.

It is important to note that the extent to which this ruling is sustained is subject to an appeal being filed at the appellate court by the regulator to upturn the decision of the FHC, until then, any private company, irrespective of when it was incorporated can transition into a single shareholder company.

About DealHQ

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DealHQ Partners In Capital Markets, commercial, Data Protection, Newsletters, Regulation & Policy, Technology

ROLE OF INTELLECTUAL PROPERTY RIGHTS IN PRESERVING THE BANKABILITY OF RESEARCH, DEVELOPMENT AND INNOVATION

Intellectual property (IP) refers to creations of the mind, such as inventions, original works of authorship, designs, and symbols, and so on. IP rights are legal rights granted to the creators of these works, allowing them to control their use, distribution, and reproduction. Intellectual Property (IP) rights constitute a vital component of today’s knowledge-based economy especially in the research, development and innovation, (R, D&I) industry.

R, D &I, are interconnected concepts that drive progress and growth. Research involves the systematic investigation of existing knowledge to discover and explore new dynamics. Development involves building and improving upon research by transforming ideas into products and creating functional prototypes. Innovation takes research and development further by transitioning, implementing and scaling the prototypes and solutions into practical products, or processes that create value. The output of these three concepts are regarded as proprietary assets because they represent valuable investments of time, resources, and expertise.

The IP rights generated through protecting the output of research, innovation, and development, such as patents, copyrights, industrial designs, trademarks, and trade secrets, provides a competitive advantage and bestows exclusive legal rights to the creators and innovators to exercise exclusive control over their intellectual creations and to benefit exclusively from all commercial value derived or derivable from such proprietary works.

By safeguarding this proprietary asset, IP rights promote the birthing of new ideas and technologies, ensuring that inventors and creators can optimize commercial benefits derivable from their works and to safeguard same against unauthorized, illegal and unfair use and exploitation.

The importance of Research and Development (R&D) in driving innovation is evident in the significant investments made globally. In 2019, global R&D expenditure totaled circa US$2.4 trillion, with East-Southeast and South Asia accounting for 39%, followed by North America (29%), and Europe (22%). This trend is expected to continue, with R&D World’s editors forecasting a global investment of $2.53 trillion in R&D by 2024, representing a significant increase over the previous years.

In Nigeria, the federal government continues to emphasize the importance of R&D in driving development. In March 2024, President Bola Ahmed Tinubu announced that his administration would dedicate 0.5% of the country’s Gross Domestic Product (GDP) to R&D. This is expected to jump start innovation and home-grown solution to imminent developmental and economic challenges plaguing the nation.

IP plays a crucial role in making R&D expenditure viable and worthwhile for innovators. IP ensures that inventors and creators can recover their investments and generate returns on their creative efforts, motivating them to continue innovating. However, in many cases, they underestimate the enormous commercial value inherent in the proprietary IP rights derivable across the different stages of innovation (from conception to research to ideation, development and final production stages where the result of their R&D converges into a tangible product or service capable of solving real everyday problems). Many innovators do not fully identify, understand, protect, and leverage all the streams of IP rights emanating from their R&D efforts thereby limiting their exploitation and commercialization potentials. Therefore, strategic IP management is crucial, as it creates an avenue for identifying, protecting, and harnessing these IP assets to drive R&D, innovation, and business success.

“IP plays a crucial role in promoting research, development and innovation, by encouraging creativity, investment, and collaboration.”

By recognizing the importance of IP and implementing strategic IP management, corporations, sovereigns and sub sovereigns can harness the full potential of innovation, gain competitive advantage, increase revenue, and make better decisions, ultimately driving social advancement and economic progress.

Significance of IP in Research

It is long established that research is the bedrock of innovation and IP rights are essential in promoting a thriving research environment. IP rights play a pivotal role in incentivizing researchers to create new knowledge pathways which usually precede new innovation and solutions to problems of everyday living and human existence across several industries and sectors including medicine, manufacturing, pharmaceuticals, food production, engineering, extractives, energy and climate, to mention a few.

Copyright plays a critical role in protecting research outputs when they are expressed in literary form by protecting the authorship of all original expression of documented research, including research papers, data compilations, and software. Copyrights foster a culture of knowledge sharing and collaboration by ensuring that researchers receive recognition and compensation for their intellectual contributions in documented form.

Patents, one of the most common intellectual property rights, grants exclusive right to an inventor to commercially exploit his work for a limited period, typically 20 years from the date of grant. This exclusivity encourages researchers to invest time and resources into developing new body of knowledge, new technologies, solutions or products without the fear of immediate imitation. Patents not only protect the functional aspects of inventions but also promote the disclosure of information; by requiring inventors to publicly disclose their innovations in exchange for exclusive rights. Patents facilitate the sharing of knowledge, expertise, and ideas which is essential for further scientific advancements.

In addition to patents, researchers can utilize industrial design IP in the exploratory and investigative phase of a project to safeguard their design-related research outputs, such as design concepts, prototypes, user interface (UI) and user experience (UX) designs, and design research and testing results. By doing so, researchers can prevent others from using or profiting from their design-related research findings without authorization, ensuring that their work remains confidential and secure.

The Impact of IP on Development

Development involves building upon research findings, testing, refining and implementing new ideas or solutions, embracing uncertainty and experimentation, working with others to develop working solutions, products, prototypes, models, or simulations, refining and improving new solutions based on feedback and learning.

The impact of IP on development is significant. IP rights, such as patents, trademarks, and copyrights, provide a framework for innovators to protect their creations and investments. This protection enables them to recover their investments put into the research and the development stage of their creative activity, generate revenue, and reinvest in further R&D, fostering a cycle of innovation. IP also facilitates collaboration and knowledge sharing, as companies and researchers can safely disclose their ideas and technologies without fear of misappropriation.

Moreover, IP rights can attract investment, talent, and partnerships, accelerating the development of new technologies and products, while promoting accountability, transparency, and trust in R&D collaborations, ultimately driving progress and economic growth.

The Significance of IP in Innovation

Research and development is the driving force behind innovation. Innovation is the process of transitioning research findings, developed prototypes, models, or simulations into practical applications. It involves creating and introducing new or improved products, services, processes, or business models that meet new or existing market needs. It is the introduction of change or novelty to existing solutions, products, or services, often through the application of new technologies, processes, or methods that were either developed or improved upon during the researching and development/testing stages. This can be in form of product innovation, process innovation, business model innovation, service innovation, social innovation, and sustainable innovation. At its core, innovation requires creativity, risk-taking, experimentation, collaboration, and iteration. It is also at this point that funding from investors or financial institutions becomes more accessible as the product or idea has reached a certain level of development and validation where the inventor is able to demonstrate a working prototype or a minimum viable product (MVP) that showcases the product’s potential.

IP is most crucial in this transition. IP rights like patents, incentivize innovators by providing them with a temporary monopoly on their creations, allowing them to commercially exploit their inventions, enables them to license their inventions, attract investment, and generate revenue. This financial return on investment encourages continuous innovation and the commercialization of new technologies.

The overarching Need for IP Registration

In general, intellectual property (IP) rights do not necessarily require registration to exist because many types of IP rights arise automatically upon creation or fixation of the work, invention, or innovation. However, for the purpose of establishing these rights, enjoying the first person benefits and gaining the ability to legally enforce IP rights, putting the public on notice becomes essential hence, registration becomes key.

The inherent rights attached to the creations of one’s mind in most situations can end up not being exercisable. For instance, patent rights are granted only after a patent application is filed and approved while for industrial designs, inherent rights may exist in some countries, but registration is typically required to secure protection.

While inherent rights may exist, registration often provides the benefits of:

Legal recognition and evidence

Registration of IP provides official recognition of your IP rights and serves as proof of its creation and ownership.

Asides very popular IP which have been established in several jurisdictions, it is noteworthy that recognition is territorial and such evidence of ownership is only limited to the jurisdiction where the IP was registered. However, some international bodies like World Intellectual Property Organization (WIPO) allow for an extended scope of IP right protection and recognition to all its member states.

Exclusive rights and enforcement powers

Registration grants the owner the exclusive rights to use, sell, or license your IP, and enables enforcement against infringement. This allows the owner to protect their innovations and prevent unauthorized use and profit from such innovation.

Market Exclusivity, Public notice and deterrence

The evidence of registration of an IP serves as a notice to the public to refrain from unauthorized reproduction, modification, commercialization, or any other form of usage of the IP, except with express authorization or in cases of fair usage thereby allowing the owner to enjoy exclusive benefits of their IP.

Commercialization Opportunities

Registered IP can be licensed, sold, or used as collateral, hence creating new revenue streams and business opportunities.

International recognition and protection

Registration in one country can provide a basis for seeking protection and exploiting global IP protection in other jurisdictions where such IP assets are in use. Certain intergovernmental organizations such as African Regional Intellectual Property Organization (ARIPO) on the regional level and World Intellectual Property Organization (WIPO) on a broader level also create an avenue for further protection to its member states. This is especially essential in today’s interconnected world, where innovations can quickly go viral.

Conclusion

Intellectual Property is a cornerstone of modern-day research, innovation, and development. By providing legal protection and economic incentives, IP encourages the creation and dissemination of new ideas and technologies. Its role in fostering a thriving research environment, driving development, and promoting innovative solutions, cannot be overstated. Stakeholders are encouraged to prioritize IP awareness, and strategic management to drive progress and impact. As the global landscape continues to evolve, the significance of IP and it’s protection in shaping the future of science, technology, and society will remain paramount.

This article is available in French, click here to read

About DealHQ

DealHQ’s IP Advisory practice offers a proactive approach to IP management, helping you optimize your portfolio, enhance brand’s value, drive innovation, stay ahead of competition and avoid legal disputes.

Should you wish to seek specialized IP advise on this or any related matter in any jurisdiction within Africa, please contact our Intellectual Property Advisory Team;

Email: IPsupport@dealhqpartners.com; info@dealhqpartners.com; clientservices@dealhqpartners.com

DealHQ Partners In Energy, Energy Transmission, Sustainability, Technology

DEALHQ – SUSTAINABILITY GUIDE FOR SMES

Introduction

In today’s rapidly evolving global landscape, the pursuit of sustainability has transitioned from a mere corporate responsibility to an essential driver of long-term success and resilience. As environmental concerns, social equity, and governance (ESG) considerations take center stage, businesses, especially Small and Medium-sized Enterprises (SMEs), are uniquely positioned to make a significant impact. This guide aims to illuminate the path for SMEs to integrate sustainable practices into their operations, not just as a moral imperative but as a strategic advantage.

The concept of sustainability has a storied history, tracing back to seminal events such as the 1972 Stockholm Conference and the 1992 Rio Earth Summit. These milestones have shaped the framework within which we understand and practice sustainability today, leading to the establishment of the Sustainable Development Goals (SDGs) in 2015. These goals provide a comprehensive blueprint for achieving a more sustainable and equitable world by 2030.

Our sustainability guide is designed to offer SMEs a detailed roadmap for navigating the complexities of sustainable business practices. It covers critical areas such as the importance of embedding sustainability into business strategies, understanding the regulatory landscape, leveraging sustainable financing, and effectively managing supply chains. By providing actionable insights and practical tools, this guide empowers SMEs to contribute to the global sustainability agenda while enhancing their own operational efficiency and market competitiveness.

We believe that the integration of sustainability into business practices is not only beneficial for the planet but also creates immense value for businesses. Sustainable SMEs can lead the way in innovation, efficiency, and customer trust, driving economic growth and fostering a healthier environment. This guide is a testament to our commitment to supporting businesses in their sustainability journey, offering expert advice and strategic insights to help them thrive in an increasingly conscious market.

We invite you to explore the pages ahead, embrace the principles of sustainability, and join us in the collective effort to build a more sustainable future for all.

To access full guide, click DealHQ Sustainability Guide for SMEs to download guide.

About DealHQ

We are an Africa Focused deal advisory/boutique commercial law firm focused on supporting businesses and positioning them to operate efficiently within their market sphere. We are known for our quality service delivery which is focused on attention to detail, creativity, timely execution and client satisfaction.

This content is not intended to replace professional legal advice. It merely provides general information to the public on the subject matter. Should you wish to seek specialist legal advice on this or any other related subject, you may contact us.

You may contact our team on:

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Telephone: +234 201 453 6427 or +234 903 344 7205

DealHQ Partners In Electricity, Energy, Energy Transmission, Minigrid, Minigrids, Solar Energy, Technology

DEALHQ – CLEAN ENERGY GUIDE

Introduction

The global energy transition is a critical but ambitious shift in the global energy landscape, seeking cleaner and more sustainable alternatives to traditional fossil fuel sources, which have successfully powered technological advancement and large-scale industrialization across the world. At its core, clean energy refers to energy derived from renewable resources that have minimal impact on the environment such as solar, wind, hydroelectric, and biomass energy, which harness the power of nature to generate electricity and power our modern world.

The need to transition to clean energy sources cannot be overstated, particularly in the face of mounting environmental challenges such as flood, extreme weather conditions, deforestation, desertification, eutrophication and severe air pollution, to mention a few. Unlike fossil fuels, which emit harmful greenhouse gases and contribute to climate destabilization, clean energy sources offer a path towards decarbonization and a more sustainable future. Transitioning to clean energy creates a clear path to mitigating the impacts of climate change, whilst reducing our continued reliance on finite resources.

Clean energy transition presents the opportunity for the World Economies to limit rising global temperatures through emission reduction, mitigate the adverse impacts of climate change, promote the well-being of individuals (particularly women and children), increase access to clean cooking, realise the UN Net-Zero target, and achieve affordable and reliable universal access to energy.

As spotlighted across the Guide, the transition to clean energy requires the collective efforts of all sectors of the global community in accelerating the adoption and expansion of renewable energy technologies. This collective effort is particularly needed in funding and regulatory support to ensure a proper balance of the interests of energy generators, consumers’ energy needs and the environment.

The energy gap, particularly pronounced in regions like Africa, underscores the urgent need for innovative approaches to bridge disparities in energy access. Renewable energy stands as the cornerstone of our transition towards sustainability. Harnessing the power of solar, wind, hydro, and other renewable sources not only provides clean and reliable electricity but also mitigates the adverse effects of climate change. The importance of renewable energy cannot be overstated—it is not only an essential tool for achieving carbon neutrality but also a catalyst for economic growth, job creation, and social development.

To access full guide, click DealHQ Clean Energy Guide to download guide.

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DealHQ Partners In Business, Capital Markets, CBN, commercial, Finance, Newsletters, Regulation & Policy

WHAT YOU NEED TO KNOW ABOUT THE APPROPRIATION ACT 2024

The 2024 Budget which has been tagged the “Budget of Renewed Hope” was signed into law on the 1st of January 2024 by the President of the Federal Republic of Nigeria; President Bola Ahmed Tinubu. The Budget represents a major milestone towards improving the overall health of the Nigerian economy and restoring macro-economic stability. In tandem with the last administration’s effort to keep to a consistent budget cycle, it was a relief to see the trend continue with the current administration.

The President in his speech at the Joint Session of the National Assembly on Wednesday, November 29, 2023, highlighted the priority areas for the Federal Government in the 2024 Appropriation Act. Primarily, the Budget is focused on setting the tone for achieving: job-rich economic growth, macro-economic stability, improved investment environment, enhanced human capital development, poverty reduction, and greater access to social security. The President further noted that defense and internal security, human capital development, investment in education, and a greener and sustainable economy remain the core elements of his administration’s budget objectives.

The budget proposal is underpinned by the assumptions outlined in the multi-year Medium Term Expenditure Framework (MTEF) 2024 -2026 and Fiscal Strategy Paper (FSP) which serve as a vital tool for prudent fiscal management and resource allocation. The Medium-term Expenditure Framework takes into account factors such as inflation, lending rate, currency exchange rate, foreign exchange reserve size, capital import flows and preceding year budget performance, to determine the key assumptions underpinning the fiscal plan for the 2024 financial year.

Comparative Analysis of Key Budget Assumptions

	2024	2023	2022
Crude Oil Price (Per Barrel)	USD77.96	USD75	USD62
Crude Oil Production (MBPD)	1.78	1.69	1.86
GDP Growth Rate	3.88%	3.75%	4.2%
Inflation Rate	21.40%	17.16%	13%
Exchange Rate (USD 1)	NGN 800	NGN 435.57	NGN 410.15

Table 1: Comparison of key assumptions underlying Nigerian budgets from 2022 to 2024

Fig 1: Key assumptions in the 2024 budget

Key Elements of the Budget – Revenue summary

Of the total NGN28.78 Trillion required to fund this year’s budget; the Federal Government’s assumption on Total Revenue available to fund the Budget is estimated at NGN19.60 Trillion, with NGN9.21 Trillion projected to come from oil-related sources, NGN3.52 Trillion from non-oil sources, and NGN6.87 Trillion from other Independent sources, including revenue of GOEs (Government Owned Enterprises), aids, grants and social funds/Accounts receipts. Whilst many believe that the Federal Government’s 2024 Revenue assumptions are quite ambitious; the revenue assumptions underpinning the 2023 Appropriation Act returned quite close to call at the end of the financial year flaring the Government’s optimism for its forecasted income.

Fig 2: Summary of the revenue allocation in the 2024 budget

Key Elements of the Budget – Expenditure Summary

The Appropriation Act 2024 projects a total aggregate expenditure of NGN 28.78 Trillion, which is 10.9% higher than the total aggregate expenditure for 2023 including approved supplementary budgets.

The total aggregate expenditure for 2024 is projected to be NGN28,777,404,073,861, broken down as follows:

1. Aggregate Capital expenditure is estimated at NGN9.99 Trillion (35% of the total aggregate expenditure)
2. Recurrent (non-debt) expenditure is estimated at NGN8.7Trillion (30% of the total aggregate expenditure)
3. Total Debt service is estimated at NGN8.27Trillion, representing 29% of the total aggregate expenditure
4. Statutory transfers are estimated at NGN1.74 Trillion, representing 6% of the total aggregate expenditure

Of the total aggregate expenditure approved for the 2024 financial year, a total of NGN5.3 trillion is appropriated for the service of domestic debts, NGN2.748 trillion is appropriated for the service of foreign debts, while N223.662 billion is to be held in a Sinking Fund Account for the retirement of maturing promissory notes.

Fig 3: Percentage based representation of revenue allocation under the 2024 budget

	2024	2023	2022
Aggregate Expenditure	NGN28.7tn	NGN21.83tn	NGN17.13tn
Statutory transfers	NGN1.743tn	NGN967.49bn	NGN869.67bn
Recurrent (non-debt) expenditure	NGN8.769tn	NGN8.33tn	NGN6.91tn
Capital expenditure	NGN9.995tn	NGN6.46tn	NGN5.47tn
Debt service	NGN8.271tn	NGN6.31tn	NGN3.61tn
Sinking Fund	NGN223.662bn	NGN247.7bn	NGN270.7bn

Table 2: YOY Comparison of expenditure allocation in the budgets from 2022 – 2024

Key Elements of the Budget – Budget Deficit and Deficit Financing

The Budget deficit for the 2024 fiscal year stands at NGN9.179 trillion, representing 3.88% of our National GDP and representing a massive 33.38% reduction from the 2023 budget deficit. This downward trend evidences a demonstration of significant expenditure discipline. The NGN9.179Trillion Budget deficit is projected to be financed through asset sales/privatization which Federal Government estimates will return circa NGN298,486,421,740; multilateral/bilateral project-tied loans disbursements estimated at NGN1,051,914,486,314 and other debt financing sources estimated at NGN7,828,529,477,860.

The National Assembly has approved the Federal Government’s request to borrow USD7.8billion and EUR100 million as part of its 2022 – 2024 borrowing plan. The Loan Facilities which were initially approved on May 15, 2023 by the Federal Executive Council (FEC) under former President Muhammadu Buhari will be utilized in key priority sectors such as finance infrastructure, healthcare, education, agriculture and security amongst others.

Securitization of Ways and Means Advances from the CBN

The National Assembly on the 30th of December 2023 approved the securitization of the outstanding debit balance of NGN7.3 trillion Ways and Means Advance from the Federal Government.

Ways and Means is a loan facility through which the CBN finances the government’s budget shortfalls, made pursuant to section 38 of the CBN Act 2007, which stipulates that the apex bank may grant temporary advances to the federal government in respect of temporary deficiency of budget revenue provided such overdraft do not surpass five per cent of the government revenue from the previous year.

Analysis of the 2024 Budget – Key highlights

Macroeconomic assumptions

Many schools of thought following the passage of the 2024 Appropriation Act have questioned the underlying assumptions in the budget given current macroeconomic realities and historic performance. For instance, the USD benchmark for the Budget is pegged at NGN800/1USD whereas as at the time of this publication the official exchange rate as published by the Central Bank is averaging NGN1400/USD. An overview of the Budget performance for 2023 also shows significant variation between the underlying macro-economic assumptions and the actual position; specifically in relation to inflation rate, foreign exchange rate and oil production levels giving a strong basis for the perceived pessimism. Benchmark inflation rate for 2023 was 17.6% relative to an actual inflation rate of 28.20% as of December 2023; Benchmark USD exchange rate was NGN437.57/USD1, whilst actual exchange rate was NGN853/USD1 as at December 2023. Similarly, oil production levels of 1.49mbpd was below the 2023 Budgetary assumption pegged at 1.69mbpd.

If the 2023 budget performance is anything to go by, it is safe to say that the 2024 Budget assumptions do not accurately reflect current macroeconomic trends raising concerns about increased deficit and the consequent borrowing to meet expenditure shortfalls.

Ambitious Revenue Assumptions

Many have described the revenue assumptions underpinning the 2024 Budget as overly ambitious and doubtful; projecting a total NGN19.60 trillion revenue being a 54% increase relative to the 2023 revenue forecast. The assumptions around the benchmark price of crude oil and the projected daily oil production target of 1.78mbpd seems to be in complete dissonance with historical performance (Nigeria recorded an average production rate of 1.2mbpd over the last 2 years) and current market realities including decline in oil production, unabated oil theft and committed future production tied to swaps and forward contracts. Additionally, the increase in non-oil revenue assumptions from NGN2.43 Trillion in 2023 to NGN3.52 Trillion in 2024 seems not to have taken cognizance of shrinking economic activities, and lower consumption of VAT related goods due to ongoing economic hardship.

Ways and Means Advances

The securitization of the due and outstanding NGN7.3 Trillion Ways and Means advance has remained one of the most debated elements of the 2024 fiscal plan; The continued reliance by the Federal Government on Ways and Means advances to fund budget deficits and subsequently requesting its securitization rather than repayment raises significant concern about budget discipline and Nigeria’s growing debt profile. Ways and Means Advances are primarily short-term, or emergency funding disbursed by the Central Bank of Nigeria to the Federal Government to fund delayed government cash receipts.

Whilst Section 38 of the CBN Act authorizes the Ways and Means Advances by the Central Bank; it limits the total available to draw amount to 5% of the actual revenue of the Federal Government for the preceding year, whilst also mandating that repayment be done within the same calendar year in which it is disbursed. Over the last 8 years Federal Government has continued to accrue ways and means liabilities without any reasonable repayment structure hence the pressure to restructure them into securitized loan notes. Recall that the National Assembly in 2023, similarly approved the President Buhari led Administration’s request to securitize about NGN22.7Trillion of ways and means obligations accrued during his 8 year tenure.

Following the National Assembly’s approval of the proposed Securitization, the Federal Government would issue debt notes to the Central Bank for a tenure of 40 years at an annual interest rate of 9% Per Annum (significantly less that the cost of carry of the CBN Ways and means Advance which was MPR+3%). Further, the loan will be included in the National Debt Profile for transparency.

It is important to note that the Ways and Means advances finds judicial backing in the provisions of Section 38 of the CBN Act. It is however also important to add that while Section 38 of the CBN Act empowers the CBN to advance this facility, the Act provides that the amount of such advances outstanding shall not at any time exceed 5% of the previous year’s actual revenue of the Federal Government and that all such advances when disbursed shall be repaid within the same Financial Year in which it is granted.

The Emergency Economic Intervention Bill

Even though the President, in his speech, confirmed that current tax and fiscal laws are being reviewed to increase the ratio of revenue to GDP to 18 percent, the current administration unlike its predecessor has not passed a finance bill alongside its Appropriation Act. It is important to note however that the Presidential Fiscal Policy and Tax Reforms Committee Emergency has proposed an Economic Intervention Bill which appears to propose changes to certain tax and fiscal laws. It our considered opinion however, that when passed, the Emergency Economic Intervention Bill may support the implementation of the 2024 Budget and enhance the prompt realization of Federal Government’s revenue assumptions and government’s revenue generation plans.

Conclusion

With impressive continuity, the Bola Ahmed Tinubu led administration has kept to the culture of prompt passage of the Budget. Generally, the budget is quite ambitious as it generally takes a posture of increasing government spending to support real economic growth. Whilst the Government’s assumptions on revenue seem overly optimistic, there is a marked reduction in budget deficit and increased capital expenditure relative to recurrent expenditure. Despite concerns about some mismatch in the assumptions underpinning the Budget; key stakeholders generally remain optimistic about the potential of Nigeria’s biggest budget yet to deliver on the Federal Government’s mantra of “Renewed Hope”.

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CBN LIFTS RESTRICTION ON THE OPERATION OF BANK ACCOUNTS BY VIRTUAL ASSETS SERVICE OPERATORS (VASPs) IN NIGERIA.

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On Friday 22nd December 2023, the Central Bank of Nigeria (“CBN”) lifted its hitherto ban restricting banks and financial institutions from dealing in or facilitating cryptocurrency related transactions through its recently published “Guideline on Operations of Bank Accounts for Virtual Assets Service Providers (VASPs)” which now authorizes Banks and other Financial Institutions to provide banking services to virtual asset service providers (VASPs) in compliance with relevant anti-money laundering laws issued by competent authorities. VASPs, Digital Assets Custodians, Digital Assets Offering Platforms, Digital Asset Exchanges, Digital Asset Exchange Operators, and any other entity that may be categorized by the CBN who are licensed by the Securities and Exchange Commission, can now legally operate a designated account with banks and financial institutions subject to the conditions stipulated in the Guideline.

The CBN’s earlier directive of February 5th, 2021, had excluded cryptocurrency transactions from the scope of transactions permitted to be facilitated or processed by financial institutions operating within Nigeria’s mainstream banking system. The 2-year ban which was the Apex Bank’s response to global concerns around money laundering and terrorism finance risks underlying the very opaque and unregulated cryptocurrency market has set the country back significantly from harnessing the benefits of the early adoption of digital currencies as a viable financial asset class.

The Guideline signals a positive change for Nigeria’s hitherto comatose digital assets ecosystem as financial institutions can now outside of their primary activity; facilitate the opening and operation of accounts for VASPs whilst being mandated to establish adequate risk management systems for combating money laundering, financing of terrorism and countering proliferation financing and to ensure adequate activity monitoring/tracking and customer protection. It is worthy of note that this guideline still prohibits banks and other financial institutions from holding, trading and/or transacting in virtual currencies on their own account.

The Guideline prescribes strict requirements for the onboarding of VASPs and operation of bank accounts by VASP account holders – including protocols for customer onboarding/due diligence in a bid to entrench transparency and effective reporting. Also, it sets operational and transactional limit for all VASP accounts whilst… Click here to download article

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WHAT YOU NEED TO KNOW ABOUT THE RECENTLY PUBLISHED NDPC GUIDANCE NOTICE ON THE FILING OF DATA PROTECTION COMPLIANCE AUDIT RETURNS.

Introduction

In compliance with the Nigeria Data Protection Act (“NDPA”), the Nigeria Data Protection Commission (“NDPC/Commission”) on 15^th of November 2023 published its Guidance Notice (Notice) on the Filing of Data Protection Compliance Audit Returns (CAR) which is set to take effect from 1^st January 2024. This notice sets out procedure to be adhered to by Data Processors and controllers when filing their mandatory annual Compliance Audit Report with the Commission emphasizing the Commission’s commitment to tighten the oversight role in the protection and enforcement of Data Subject rights on the one hand and to engender data usage trust within Nigeria’s burgeoning digital ecosystem.

The Guidance Notice highlights the requirements for inclusion in the Commission’s National Data Protection Adequacy Programme (NaDPAP) Whitelist to be published by the Commission on Data Controllers and Data Processors who demonstrate commitment to safeguarding Data Subjects Rights and prioritize compliance with NDPR.

NDPR Remains the Primary Regulation Governing Annual CAR Filings in Nigeria

The Guidance Notice lays to rest any doubt about the continued applicability of the NDPR following the enactment of the Nigeria Data Protection Act by recognizing it as the primary regulation governing the filing of the mandatory Compliance Audit Report. Data Controllers and Data Processors who have processed personal data of more than 2000 data subjects within the preceding 12 months are by law, mandated to file their Data Protection Compliance Audit Report with the Commission, in accordance with Articles 4.1 (5 & 7) of the NDPR.

It is noteworthy to mention that this is consistent with Section 64(2)(f) of the NDPA, which states that the provisions of NDPR remains in full force and effect except to the extent that any of its provisions is overridden by or conflicts with any provision of the Act.

Vital Role of Data Protection Compliance Organizations

The Notice emphasizes the crucial role of Data Protection Compliance Organizations (DPCOs) in the implementation of Nigeria’s Data Protection framework by supporting Data Controllers and Data Processors to developing self-guided compliance strategies that demonstrate transparent and accountable reporting in line with the NDPR. Specifically, the Guidance Notice identifies the underlisted as the key responsibilities of DPCOs:

i. Facilitating the filing of CAR with the Commission:

DPCOs support Data Controllers and Processors with the conduct of Audits and submission of Reports with the Commission in line with the NDPR. The Notice emphasizes the need to ensure that DPCO’s services are priced in a manner that guarantees minimal financial burden on Data Controllers and Processors.

ii. Engaging in Non-Fee-Paying CAR Work:

DPCOs are encouraged to occasionally provide audit support service to start-ups, not for profit organizations and businesses who are unable to pay for the mandatory audit service as part of their Corporate Social Responsibility (CSR) to foster inclusive compliance.

iii. Knowledge Transfer for DPOs during Audit Exercise:

DPCOs are required to use the Audit exercise as an opportunity to provide practical training for DPOs and other personnel in the Client Organizations they serve. Evidence of such practical training embedded in the audit exercise will entitle the participating DPOs to Continuous Professional Development (CPD) Credit, which will be an essential audit parameter under the soon to be published NDPA General Application and Implementation Directive (GAID).

Getting Listed on the NaDPAP Whitelist

The Notice outlines the compliance metrics for inclusion in the National Data Protection Adequacy Programme (“NaDPAP”) which include verifiable compliance with Data Protection Principles and Lawful Basis such as Privacy Policies and Notices, Consent forms; regular filing of CAR, sensitization of data subjects on data subjects’ rights, appointment of DPO, engagement of a DPCO, training and capacity building for Staff amongst others.

Successful filing of the CAR entitles Data Controllers/Processors to be listed in the National Data Protection Adequacy Programme (NaDPAP) Whitelist. It is worthy to note that failure of a data controller or processor to file CAR as legally required is a ground for disqualification from being listed on the NADPAP Whitelist irrespective of whether such Data Controller or Processor has proven data privacy compliance policies and framework that comply with the prescribed requirement of the NDPA and NDPR.

Whilst being listed in the NaDPAP Whitelist establishes a presumption of compliance and a demonstration of the data controller/processors commitment to safeguarding data-subjects rights; it does not confer immunity or protection against Data Subject claims or liabilities.

Mandatory Induction Training for DPOs

All designated DPOs are required to participate in the free induction training that will be organized by the Commission in January 2024. The training is expected to re-enforce the rights of data subjects and compliance obligations outlined in the NDPA and the GAID.

Minimum Information Requirement for inclusion in a Compliance Audit Report

The notice highlights the key focus areas for any CAR to be filed with the Commission. Each Report accompanying the NDPC audit questionnaire shall at the minimum cover the underlisted:

i. Evidence of the Data Controller/Processor’s awareness of the provisions of the NDPR, as contained in the internal data privacy framework of the organization.

ii. Evidence of Capacity Building and Continuous Training of Staff, Contractors, Licensees on their obligations as data administrators under the NDPA.

iii. Implementation of Privacy Policy and Notices within the organization, that align with NDPR requirements.

iv. Clear and detailed compliance directives communicated to all individuals involved in data processing, emphasizing adherence to the NDPR.

v. Appointment and availability of Data Protection Officers overseeing and ensuring compliance with the NDPR.

vi. An inventory of the categories of personal data being processed and maintained by the Data Controller or Data Processor, specifying the principles and lawful basis for processing each category.

vii. Technical Measures implemented to ensure Confidentiality, Integrity, and Availability of Personal Data guided by the principles of Privacy by Design and by Default.

vii. The institutionalization of a robust mechanism for addressing grievances related to data protection.

viii. A comprehensive list of all agents or contractors engaged in data processing, along with details of their training programs and overall compliance with the NDPA.

Default and Non-Compliance with filing CAR

Non – Compliance with CAR filing on or before the deadline which is set for March 2024 attracts a default fee of an additional 50% of the filing fee. Additionally, non-compliance with the Notice may amount to a violation of the NDPA, which attracts penalty as prescribed under the NDPA.

Conclusion

It is imperative for Data Controllers and Data Processors to prioritize timely and efficient filing of the yearly mandatory Data Privacy Compliance Audit Report in accordance with the NDPA and this not only signifies adherence to regulatory standards but also underscores a collective responsibility to fortify data privacy measures, ensuring a safe and secure digital ecosystem for all stakeholders.

This Article is written by DealHQ’s Technovation and Data Governance Practice Team.

DealHQ is a licensed Data Protection Compliance Organization (DPCO). We understand the importance of safeguarding sensitive data and complying with local and foreign data protection laws applicable to your business to protect your organization’s reputation and mitigate potential cybersecurity or data violation risks which can have significant financial, legal, and systemic implications for your Business. Our service niche includes (1) Data Protection/Governance Advisory (2) Data Protection Compliance Support (3) Data Protection Audit Services and (4) Outsourcing of Data Protection Officers.

*The content of this Article is not intended to replace professional legal advice. It merely provides general information to the public on the subject matter.*

To know more about our Data Privacy Services? Please contact our team:

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Overview of the Guidelines for Contactless Payments in Nigeria

Nigeria has experienced significant growth and development in its financial sector, driven in large part by the integration of technology.
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The financial services sector has been at the forefront of leveraging technology to address challenges, enhance services, and stimulate economic growth. With banks and fintech companies in Nigeria embracing innovative solutions such as mobile banking, online platforms, and electronic payment systems to offer convenient and accessible financial services to a wider population, it is clear that there is a recognition of the potential inherent in technology to reshape financial services.
A case in point which highlights the efforts being put into building a more innovative financial ecosystem is the introduction of contactless payments. The COVID pandemic and the resultant lockdown triggered significant changes in the payment industry. Specifically, it amplified the need for contactless payments and ushered in a wave of unprecedented innovation and product development in the payment industry globally.
Given the record traction in the Nigerian payment market, the Central Bank of Nigeria (CBN), recognizing the… Click here to download article...

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You may contact our team on:

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Telephone: +234 1 4536427 or +234 9087107575

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Comparative Analysis of Key Budget Assumptions

Table 1: Comparison of key assumptions underlying Nigerian budgets from 2023 to 2025

Fig 1: Key Assumptions in the 2025 budget

Key Elements of the Budget – Revenue summary

Figure 2: percentage-based representation of revenue projection under the 2025 budget

Key Elements of the Budget – Expenditure Summary

Fig. 3: percentage based representation of revenue allocation under the 2025 budget

Table 2: YOY Comparison of expenditure allocation in the budgets from 2023 – 2025

Key Elements of the Budget – Budget Deficit and Deficit Financing

Fig 4: percentage-based representation of the allocation of the budget deficit financing under the 2025 budget

Analysis of the 2025 Budget – Key highlights

L’OUGANDA EN UN COUP D’ŒILT

1. POINT DE REPÈRE:

1.1. Population:

1.2. Climat:

2. DATES PERTINENTES DANS L’HISTOIRE

Fêtes Nationales

3. INDUSTRIES ET SECTEURS CLÉS

3.1. Agriculture:

3.2. Fabrication:

3.3. Tourisme:

3.4. Huile et Exploitation Minière:

3.5. Services Financiers:

3.6. Transport:

3.7. Communication:

4. IMPORTATIONS MAJEURES

5. PRINCIPALES EXPORTATIONS

6. PRINCIPALES OPPORTUNITÉS D’EXPORTATION

7. PARTENAIRES ÉCONOMIQUES CLÉS

7.1. Importations

7.2. Exportations

8. PRINCIPAUX RÈGLEMENTS COMMERCIAUX

9. PROCESSUS DE CRÉATION D’ENTREPRISE

9.1. Formes d’entités commerciales:

9.2. Processus d’enregistrement de la société à responsabilité limitée

9.3. Enregistrement des sociétés étrangères

10. TAXES

11. INCITATIONS ET CONCESSIONS

11.1. Incitations générales:

11.2. Agro-traitement:

11.3. Ajout de valeur minière:

11.4. Développement des parcs industriels:

11.5. Conditions d’accès aux incitations

12. INDICATEURS DE FACILITÉ DE FAIRE DES AFFAIRES

12.1. Classement

12.2. Taxes:

12.3. Création d’entreprise:

12.4. Corruption:

13. PÉNÉTRATION INTERNET/ADOPTION NUMÉRIQUE

13.1. Le gouvernement ougandais a lancé plusieurs programmes pour améliorer la pénétration d’Internet. Les programmes comprennent:

14. SOCIÉTÉS MONDIALES EN OUGANDA : ÉTUDES DE CAS

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Introduction

Introduction

Table 1: Comparison of key assumptions underlying Nigerian budgets from 2022 to 2024

Fig 1: Key assumptions in the 2024 budget

Fig 2: Summary of the revenue allocation in the 2024 budget

Fig 3: Percentage based representation of revenue allocation under the 2024 budget

Table 2: YOY Comparison of expenditure allocation in the budgets from 2022 – 2024

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