Tinubu Calls for Global Tax Review
…Revives South-South Collaboration at G-77 Summit
By Patience Ikpeme
President Bola Tinubu has advocated for a review of the global tax system, affirming the need for a more equitable and inclusive framework that benefits developing countries.
This call to action was delivered at the Third South Summit of the Group of 77 and China, currently underway in Kampala, Uganda.
President Tinubu pointed out the systemic imbalance in the current international tax regime, emphasizing how it disadvantages developing nations, particularly in taxing digital economies. He highlighted significant revenue losses impacting sustainable development and economic self-reliance in these countries.
In response, Nigeria, alongside other members of the African Group, championed a landmark initiative at the United Nations for a Framework Convention on Tax. This resolution marks a pivotal step towards establishing a fairer and more inclusive global tax system.
Reaffirming Nigeria’s commitment to South-South economic collaboration, President Tinubu advocated for the revival of the Action Committee on Raw Materials (ACRM) of the G-77, established in 1987.
He emphasized the importance of comprehensive data on raw material availability and location, calling for data-driven strategies and information systems to improve trade terms, foster economic self-reliance, and enhance resilience among developing countries.
President Tinubu reiterated Nigeria’s earlier stance on the recent developments in the State of Palestine, urging an immediate ceasefire and a peaceful resolution to the conflict. He reaffirmed Nigeria’s support for a two-state solution and the protection of civilians affected by the crisis.
Recognizing the multifaceted nature of global challenges, President Tinubu spoke of the importance of technical cooperation and capacity building. He highlighted Nigeria’s contributions through the Directorate of Technical Aid Corps (DTAC) and the Directorate for Technical Cooperation in Africa (DTCA), emphasizing their roles in fostering expertise exchange and enhancing collaboration across the African continent.
The President also underlined the significance of Triangular cooperation, involving developing countries, developed nations, and international organizations, as a comprehensive approach to tackling global challenges. He reaffirmed Nigeria’s commitment to multilateralism and the Bandung principles, envisioning a G-77 that’s responsive to the needs and aspirations of its member states.
