Tinubu calls for global tax system review

President Bola Tinubu has called for a comprehensive review of the global tax system because of its imbalances.

Tinubu argued that the interests of wealthier nations predominantly influence the international tax regime to the detriment of developing economies.

He spoke during the Third South Summit of the Group of 77 and China in Kampala, Uganda at the weekend.Tinubu, represented at the event by Budget and Economic Planning Minister Abubakar Bagudu, emphasised Nigeria’s commitment to multilateralism in addressing global challenges.

The President pointed out that the systemic imbalance in global tax regimes has not only resulted in significant revenue losses by developing nations but also hindered their development efforts and economic self-reliance.

He said that Nigeria is championing a historic initiative alongside other member states of the African Group at the United Nations(UN) intending to address the challenge through a Framework Convention on Tax.

Expressing Nigeria’s gratitude to the countries that supported the global tax review initiative, Tinubu said: ”These nations’ solidarity reflects a shared commitment to rectifying the inequities of the current tax system and fostering a more just economic order.”

The President also reaffirmed Nigeria’s dedication to South-South economic collaboration and emphasised 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.

”Tinubu also spoke on 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.