Tinubu Seeks Global Tax System Review To Benefit Developing Nations

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President Tinubu has called for a review of global taxation; saying that redressing the imbalance in the international tax regime has become imperative. He also affirmed the country’s belief in, and towards multilateralism as a way of addressing global challenges.

President Tinubu stated Nigeria’s position on these issues in a speech during the Third South Summit of the Group of 77 and China that opened on Sunday in Kampala, Uganda. He said the issue of global taxation is pressing as it impacts on 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, and other Member States of the African Group, championed a historic initiative at the United Nations, and called for a Framework Convention on Tax. The summit was themed “Leaving No One Behind,” and President Tinubu was represented by the Minister of Budget and Economic Planning, Senator Abubakar Atiku Bagudu.

The summit was attended by many heads of state and government, as well as heads of international organisations, including United Nations Secretary-General Antonio Guterres. Tinubu expressed Nigeria’s appreciation to all the countries that supported the global tax review initiative; he said their solidarity reflected “our shared commitment to rectifying the inequities of the current tax system, and fostering a more just economic order.”

In reaffirming Nigeria’s commitment to South-South economic collaboration, the President advocated the revival of the Action Committee on Raw Materials (ACRM) of the G-77, established in 1987, and spoke of their crucial role which is to enhance cooperation in the development and processing of raw materials.

“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 industrialisation and economic growth,” he said. “The revival of the ACRM, with a focus on data-driven strategies and information systems is imperative to improve trade terms, promote economic self-reliance, and enhance resilience among developing countries,” he pointed out.

President Tinubu also restated Nigeria’s earlier position on Israel’s attack on Palestine over Gaza, saying the recent developments in the State of Palestine demand our immediate attention and action. “Nigeria aligns itself with the international community’s call for an immediate ceasefire and a peaceful resolution to the conflict.

“Upholding our commitment to the principles of sovereignty, territorial integrity, and the promotion of peace and security, we firmly support a two-state solution as the path forward in this protracted conflict,” he said.

The President spoke against any form of aimless violence; he emphasised the urgent need to address humanitarian concerns, and ensured the protection and dignity of all civilians affected by this crisis.

“As a member of this Group, Nigeria remains dedicated to advocating peaceful solutions in global conflict zones, reflecting our commitment to the stability and prosperity of the African continent and the global community.”

The Nigerian president drew the attention of the summit to the 75th anniversary of the United Nations, and spoke of Group of 77’s enduring commitment to foster a world where no one is left behind; a world where every individual has an equal opportunity to thrive.

This year’s Summit and theme, he said, no doubt resonate with the aspirations and principles of G77. “It seeks our collective commitment to building an influential force that champions international peace and security, protects the rights and dignity of our citizens, and fosters cooperation in the spirit of South-South collaboration.

“Considering the interconnected nature of our world, we need a concerted action to tackle issues of climate change, eco-disparities, environmental concerns, and technological programs in this post-pandemic era.

“Similarly, emerging global challenge such as the digital divide, cybersecurity, illicit financial flows, terrorism, and corruption, are interconnected threats that undermine our socio-economic stability, and require a united approach by this assembly.

“With illicit financial flows alone estimated to syphon off billions of dollars annually from economies, especially in the Global South, the urgency for early action has never been greater,” he said.

“We advocate enhanced international cooperation, stronger regulatory frameworks, and a robust collaborative approach. By uniting our efforts and sharing best practices, we can promote transparency, accountability, and a more secure, prosperous future for all G77 and China member states.

“Our focus remains steadfast on rebuilding our economies, fortifying healthcare systems and securing sustainable livelihoods for our citizens,” he added.

Furthermore, president Tinubu spoke on the importance of technical cooperation and capacity building in addressing current global challenges. “As a country, We have been actively engaged through the Directorate of Technical Aid Corps (DTAC) in fostering international cooperation in the spirit of South South Collaboration.

“DTAC, as a key instrument of Nigeria’s foreign policy, facilitates the exchange of expertise and knowledge with 38 African, Caribbean and Pacific (ACP) countries; dispatching over 30,000 skilled professionals since its inception in 1987. These efforts enhance our collective ability to fortify the health and educational system, and secure sustainable livelihood for our citizens.

“In addition to DTAC’s contributions, Nigeria’s commitment to enhancing South-South cooperation is further demonstrated through our establishment of the Directorate for Technical Cooperation in Africa (DTCA), he added.

DTCA plays a very important role in fostering collaboration and economic development across the African continent. By leveraging the strengths of DTCA, Tinubu said Nigeria aims to deepen ties with fellow African nations; sharing resources and expertise to promote mutual growth and development.

Similarly, concerning the country’s commitment to South-South collaboration, Tinubu also emphasised the significance of Triangular cooperation. “This partnership model, involving developing countries, developed nations, and international organisations, offers a comprehensive approach to address global challenges.”

“Such cooperation enriches Nigeria’s strategies for sustainable development, ensuring inclusivity and maximising the impact of our collective efforts,” President Tinubu submitted.

While reaffirming Nigeria’s commitment to multilateralism and the goals of the Bandung principles, the President concluded by saying as G77 looks towards the future, the organisation should envision a movement that is responsive to the needs and aspirations of Member States.

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