Nigeria has opted out of a global tax deal negotiated under the Organisation of Economic Cooperation and Development G20 Inclusive Framework on Base Erosion and Profit Shifting.
The OECD estimates that countries lose $100-$240 billion worth of revenue annually to BEPS practices, which is the equivalent to 4-10 per cent of the global corporate income tax revenue.
The Global Financial Integrity stated that the framework represents a group of countries and jurisdictions working together to address systemic issues within the global taxation system that cause an inequitable distribution of tax revenues among countries and jurisdictions.