President Bola Ahmed Tinubu of Nigeria has called for a comprehensive review of the global taxation system, in a significant address at the Third South Summit of the Group of 77 and China in Kampala, Uganda. Emphasizing the pressing need to rectify existing imbalances, President Tinubu spotlighted the adverse impact of the current tax structure on developing nations, particularly in taxing digital economies.
Represented by Senator Abubakar Atiku Bagudu, the Minister of Budget and Economic Planning, President Tinubu articulated concerns about the inherent disadvantages that developing countries face within the current system, largely influenced by wealthier nations. He underscored the resultant substantial revenue losses experienced by these nations. Notably, Nigeria, alongside other African Group Member States, spearheaded a landmark initiative at the United Nations for a Framework Convention on Tax.
President Tinubu’s address reiterated Nigeria’s dedication to multilateralism and its advocacy for an equitable global economic order. The President extended gratitude to nations supporting the global tax review initiative, emphasizing their collaborative stance in addressing the inequities of the prevailing tax system.
In addition to tax reform, President Tinubu affirmed Nigeria’s commitment to South-South economic collaboration. He called for the revival of the Action Committee on Raw Materials (ACRM) of the G-77, stressing the need for comprehensive data on raw material availability and advocating for coordinated efforts to enhance cooperation in raw material development.
Addressing the Israel-Palestine conflict, President Tinubu urged an immediate ceasefire, a peaceful resolution, and support for a two-state solution. He condemned indiscriminate violence and stressed the importance of addressing humanitarian concerns while safeguarding the dignity of civilians affected by the crisis.
President Tinubu acknowledged the interconnected nature of global challenges and called for concerted action to tackle issues such as climate change, eco-disparities, environmental concerns, and technological programs in the post-pandemic era. Urging a united approach by the G-77, he highlighted the urgency of addressing emerging threats like the digital divide, cybersecurity, illicit financial flows, terrorism, and corruption.
Recognizing Nigeria’s contributions to combating global challenges, President Tinubu highlighted the roles of Nigeria’s Directorate of Technical Aid Corps (DTAC) and the Directorate for Technical Cooperation in Africa (DTCA) in fostering international cooperation and economic development across the African continent.
President Tinubu concluded his address by reaffirming Nigeria’s commitment to multilateralism, the objectives of the Bandung principles, and envisioning a responsive movement that addresses the needs and aspirations of G-77 Member States.
- Tags: President Tinubu, Tax
