President Bola Tinubu has advocated a review of global taxation, explaining that redressing the imbalance in the international tax regime has become imperative.
He also affirmed the country’s belief in and commitment towards multilateralism as a way of addressing global challenges.
President Tinubu stated Njgeria’s position on these issues in a speech at the Third South Summit of the Group of 77 and China which opened on Sunday in Kampala, Uganda.
He said the issue of global taxation is pressing because it impacts developing countries.
“The current international tax systems, largely shaped by the interests of more affluent nations, often leave developing countries at a disadvantage, especially in taxing digital economies. This systemic imbalance has led to significant revenue losses, hampering our efforts towards sustainable development and economic self-reliance,” he pointed out.
In response to this, Nigeria, alongside other Member States of the African Group championed a historic initiative at the United Nations calling for a Framework Convention on Tax.
This resolution, according to him, marks a pivotal step towards establishing a more equitable and inclusive global tax system.
President Tinubu was represented at the summit with the theme “Leaving No One Behind” by the Minister of Budget and Economic Planning, Senator Abubakar Atiku Bagudu.
The summit is being attended by many heads of state and government as well as heads of international organizations including United Nations Secretary-General Antonio Guterres.
Expressing Nigeria’s appreciation to all the countries that supported the global tax review initiative, President Tinubu said their solidarity reflects “our shared commitment to rectifying the inequities of the current tax system and fostering a more just economic order.”
Also in reaffirming Nigeria’s commitment to South-South economic collaboration, the President spoke of the critical role of the Action Committee on Raw Materials (ACRM) of the G-77, established in 1987 for enhancing cooperation in the development and processing of raw materials.
While acknowledging the importance of comprehensive data on raw material availability and location, President Tinubu advocated the revival of the ACRM.
“This is crucial for coordinated information dissemination, facilitating access for international entrepreneurs and joint venture partners and addressing challenges in raw material development that hinder industrialization and economic growth,” he said.
The resuscitation of the ACRM, with a focus on data-driven strategies and information systems, is imperative to improving trade terms, foster economic self-reliance and enhance resilience among developing countries, he pointed out.
