By Tony Obiechina, Abuja
President Bola Tinubu has called for a comprehensive review of the global tax system.
According to him, 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, the President who was represented by the Minister for Budget and Economic Planning, Senator Abubakar Bagudu restated Nigeria’s commitment to multilateralism in addressing global challenges.
The President highlighted the impact of the current international tax systems, which are predominantly influenced by the interests of wealthier nations.
He noted that consequently, developing countries, particularly in terms of taxing digital economies, are often left at a disadvantage.
He said this systemic imbalance has resulted in significant revenue losses, hindering sustainable development efforts and economic self-reliance.
To address this issue, he further stated, 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, adding that this resolution is viewed as a significant step toward creating a fairer and more inclusive global tax system.
“These nations’ solidarity reflects a shared commitment to rectifying the inequities of the current tax system and fostering a more just economic order.
“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”, he said.
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”. READ ALSO:
- Makinde presents N678bn 2025 Budget proposal to lawmakers
- NAICOM, EFCC join forces to sanitise Nigeria’s Insurance sector
- Conferment Of Honorary Degrees At Heim Weldios University Benin Republic
- CAFWCL: Edo Queens Held by Egypt’s FC Masar
- Gov. Adeleke presents N390bn proposed budget for 2025 before Assembly
Commenting on the ongoing Israeli-Palestinian conflict, President Tinubu 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.
