Business a.m
President Bola Tinubu has called for a review of the global tax system, arguing that the current system is imbalanced and in need of reform.
Delivering a speech at the Third South Summit of the Group of 77 and China, in Kampala, Uganda,President Tinubu outlined Nigeria’s position on global taxation. He explained that the issue is a pressing one, as it has significant impacts on developing countries. He noted that developing countries often struggle to benefit from the global tax system, due to a lack of resources and expertise.
President Tinubu, who was represented by Abubakar Atiku Bagudu, the minister of budget and economic planning, who spoke on the theme “Leaving No One Behind”.
In his remarks, President Tinubu expressed gratitude to the countries that supported the initiative to review the global tax system, noting that their support reflects a shared commitment to creating a more equitable and just economic order.
President Tinubu further reaffirmed Nigeria’s commitment to economic collaboration within the South-South region. He emphasised the role of the Action Committee on Raw Materials (ACRM), an organization established in 1987 under the Group of 77 to promote cooperation in the development and processing of raw materials. President Tinubu noted that comprehensive data on the availability and location of raw materials is critical to the success of the ACRM, and advocated for its revival.
“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.
President Tinubu further emphasised that reviving the ACRM with an emphasis on data-driven strategies and information systems would be essential to improving trade terms, increasing economic self-reliance, and enhancing the resilience of developing countries.
President Tinubu stated that emerging global challenges such as the digital divide, cybersecurity, illicit financial flows, terrorism, and corruption are interconnected threats that pose a significant threat to the socio-economic stability of nations.
“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.
President Tinubu emphasised that Nigeria is aware of the urgency of the situation and is committed to addressing the challenges posed by illicit financial flows. He stressed the need for greater international cooperation, stronger regulatory frameworks, and a collaborative approach among nations to effectively tackle this issue.
Addressing the various global challenges, President Tinubu acknowledged that the issues are complex and multi-faceted. He stated that the Nigerian government remains focused on rebuilding the economy, strengthening healthcare systems, and ensuring sustainable livelihoods for the country’s citizens.
