Tinubu calls for Global Tax System Review

Chidimma Uchegbu – Abuja

President Bola Tinubu has called for a comprehensive review of the global tax system.
The president argued that rectifying the imbalances within the international tax regime has become increasingly crucial.

Speaking at the Third South Summit of the Group of 77 and China in Kampala, Uganda, President Tinubu who was represented by the Minister for Budget and Economic Planning Senator Abubakar Bagudu emphasized Nigeria’s commitment to multilateralism in addressing global challenges.

President Tinubu highlighted the impact of the current international tax systems, which are predominantly influenced by the interests of wealthier nations.

Developing countries, particularly in terms of taxing digital economies, are often left at a disadvantage as a result.

This systemic imbalance he said has resulted in significant revenue losses, hindering sustainable development efforts and economic self-reliance.

To address this issue, Nigeria has championed a historic initiative alongside other member states of the African Group at the United Nations, calling for the establishment of a Framework Convention on Tax.

This resolution is viewed as a significant step toward creating a fairer and more inclusive global tax system.

President Tinubu expressed Nigeria’s gratitude to the countries that supported the global tax review initiative.

“These nations’ solidarity reflects a shared commitment to rectifying the inequities of the current tax system and fostering a more just economic order” he said.

“The Nigerian President also reaffirmed Nigeria’s dedication to South-South economic collaboration and emphasized the Action Committee on Raw Materials (ACRM) of the G-77’s critical role.

The resuscitation of the ACRM, with an emphasis on data-driven strategies and information systems he said “is essential for improving trade terms, promoting economic self-reliance, and enhancing resilience among developing countries, he stated”.

Furthermore, President Tinubu addressed the recent developments in the Israeli-Palestinian conflict and called for an immediate ceasefire and a peaceful resolution.

“Nigeria aligns itself with the international community’s plea for a two-state solution, upholding the principles of sovereignty, territorial integrity, and the promotion of peace and security” he said.