I feel pretty elated today for lots of reasons, but I would mention just a few. I am currently attending the Annual Tax Conference of the Chartered Institute of Taxation of Nigeria (CITN), the biggest gathering of tax practitioners and professionals in Nigeria. It is no doubt that in recent times, taxation has indeed come to take its seat at the table as the mainstay of the economy and the sporadic shift from reliance on oil some years ago to the reliance on the revenue from taxation has made most Nigerians take taxation more seriously.
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Nigeria, also known as the “Giant of Africa” and Africa’s largest economy with a GDP of $397.47 billion ahead of South Africa with a GDP of $376.67 billion, has undermined the power of Tourism as a great source of revenue for the country.

Countries such as Dubai, South Africa and Kenya have made great returns for their government in the areas of Tourism.

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The Lagos state budget over the last decade is an average of 583.02billion, which comes as no surprise, being Nigeria’s economic capital and the highest revenue earner in terms of Internally Generated Revenue among the 36 states.

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“Go-slow” as traffic is popularly described as in Nigeria has almost become a norm. In fact, it is taken as a daily routine.
Traffic is more pronounced in certain states such as Lagos, which is economic hub of Nigeria and having a population of approximately 21 million. According to Forbes, Lagos is the 3rd worst city to drive in globally with about 60% congestion.
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Please describe your country Transfer Pricing Regulations.

The Nigerian Transfer Pricing Regulations (the ‘Regulations’) was first introduced in 2012 and revised in 2018. The Regulations are divided into 6 parts as follows:

• Part 1 – Purpose, Objective and Scope of Application;

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