Africa (Commonwealth Union) _ President of Nigeria President Bola Tinubu urged a prompt reassessment of global taxation policies during the Third South Summit of the Group of 77 and China in Kampala, Uganda,
In an attempt to attain a sustainable solution to rectify imbalances within the international tax structure, Tinubu pointed out the inherent disadvantage succumbed on developing countries by way of the taxation of digital economies. In light of, the current international tax systems. He asserted that this systemic discrepancy results in significant revenue losses, hindering sustainable development and economic self-reliance.
Tinubu, represented by the Minister of Budget and Economic Planning, Abubakar Bagudu, addressed counterparts at the summit, themed ‘Leaving No One Behind.’
Expressing Nigeria’s commitment to multilateralism, Tinubu underscored the pressing nature of international taxation, emphasizing its impact on developing nations. He acknowledged Nigeria’s role, alongside other African Group member states, in championing a historic initiative at the United Nations calling for a Framework Convention on Tax. Tinubu viewed this resolution as a pivotal step toward establishing a more equitable and inclusive global tax system. He appreciated the support of countries backing the global tax review initiative, emphasizing their shared commitment to rectifying the current tax system’s inequities and fostering a fairer economic order.
The President advocated for South-South economic collaboration, highlighting the critical role of the Action Committee on Raw Materials of the G-77 in enhancing cooperation in developing and processing raw materials. Tinubu called for the revival of the ACRM, emphasizing the importance of comprehensive data on raw material availability for coordinated information dissemination, facilitating international entrepreneurs’ access, and addressing challenges hindering industrialization and economic growth.
Touching on the Israel-Palestine conflict, Tinubu reiterated Nigeria’s call for an immediate ceasefire and a peaceful resolution. He affirmed Nigeria’s commitment to principles of sovereignty, territorial integrity, and the promotion of peace and security, supporting a two-state solution to the conflict. The President condemned indiscriminate violence and emphasized addressing humanitarian concerns and protecting the dignity of civilians affected by the crisis.
Tinubu also drew attention to the 75th anniversary of the United Nations, highlighting the Group of 77’s commitment to fostering a world where no one is left behind. He called for concerted action to tackle global challenges such as climate change, eco-disparities, cybersecurity, terrorism, and corruption. The President accentuated the importance of technical cooperation and capacity building, showcasing Nigeria’s engagement through the Directorate of Technical Aid Corps. Tinubu aims to deepen ties with African nations, promoting mutual growth and development through resource and expertise sharing. As the G77 looks to the future, the President reaffirmed Nigeria’s commitment to envisioning a movement responsive to member states’ needs and aspirations. The South Summit has seen the participation of several heads of state, government, and international organizations, including United Nations Secretary-General Antonio Guterres.
