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Thursday, May 23, 2024

Tinubu calls for a review of the global tax system and affirms his commitment to multilateralism

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President Bola Tinubu has advocated for a review of global taxation, explaining that correcting the imbalance in the international tax regime has become imperative.

The Nigerian president also affirmed the country’s belief and commitment to multilateralism as a way to address global challenges.

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Tinubu set out Nigeria’s position on these issues in a speech at the Third Group of 77-China South Summit that opened on Sunday in Kampala, Uganda.

He said the issue of global taxes is pressing because it affects developing countries.

“Current international tax systems, shaped largely by the interests of wealthier nations, often leave developing countries at a disadvantage, especially in the taxation of digital economies. “This systemic imbalance has led to significant income losses, hampering our efforts towards sustainable development and economic self-sufficiency,” he noted.

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In response to this, Nigeria, together with other member states of the African Group, championed a landmark initiative at the United Nations calling for a Framework Convention on Taxation.

This resolution, according to him, marks a fundamental step towards establishing a more equitable and inclusive global tax system.

President Tinubu was represented at the summit with the theme “Leaving No One Behind” by the Minister of Budget and Economic Planning, Atiku Bagudu.

The summit is attended by many heads of state and government, as well as heads of international organizations, including United Nations Secretary-General Antonio Guterres.

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Expressing Nigeria’s gratitude to all countries that supported the global tax review initiative, President Tinubu said their solidarity reflects “our shared commitment to rectify the inequalities of the current tax system and foster a fairer economic order.”

Also reaffirming Nigeria’s commitment to South-South economic collaboration, the President spoke of the critical role of the G-77 Action Committee on Raw Materials (ACRM), established in 1987 to enhance cooperation in raw materials development and processing. cousins.

While acknowledging the importance of having complete data on the availability and location of raw materials, President Tinubu advocated for the revival of the ACRM.

“This is crucial for the coordinated dissemination of information, facilitating access for international entrepreneurs and joint venture partners and addressing challenges in raw materials development that hinder industrialization and economic growth,” he said.

Resuscitating the ACRM, with a focus on data-driven strategies and information systems, is imperative to improve terms of trade, foster economic self-reliance and improve resilience among developing countries, he noted.

President Tinubu also reiterated, at the summit, Nigeria’s previous position on Israel’s attack on Palestine over Gaza, saying that the recent developments in the State of Palestine demand our immediate attention and action.

“Nigeria aligns itself with the call of the international community for an immediate ceasefire and a peaceful solution to the conflict.

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

The President spoke against any form of indiscriminate violence, emphasizing the urgent need to address humanitarian concerns and ensure the protection and dignity of all civilians affected by this crisis.

READ ALSO: FG responds PPD: Kidnapping, banditry are not federal crimes

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

Drawing the summit’s attention to the 75th anniversary of the United Nations, the Nigerian leader spoke of the Group of 77’s enduring commitment to fostering a world where no one is left behind, where every individual has an equal opportunity to prosper.

This year’s Summit and its theme resonate with the aspirations and principles of the G77.

“Look for our collective commitment to build an influential force that defends international peace and security; protects the rights and dignity of our citizens; and encourages cooperation in the spirit of South-South collaboration,” the President said.

He added: “Considering the interconnected nature of our world, we need concerted action to address issues of climate change, ecological disparities, environmental concerns and technology programs in this post-pandemic era.

“Similarly, emerging global challenges 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 from this assembly.

“With illicit financial flows alone estimated to divert billions of dollars annually from economies, especially in the Global South, the urgency to take early action has never been greater,” he said. President Tinubu noted that Nigeria recognizes the urgency of combating these challenges. , particularly illicit financial flows.

“We advocate for greater international cooperation, stronger regulatory frameworks and a strong collaborative approach.

“By joining our efforts and sharing best practices, we can promote transparency, accountability and a safer and more prosperous future for all G77 member states and China.”

Reflecting on these global challenges, he said Nigeria recognizes the multifaceted nature of the problems we face. “Our focus remains firm on rebuilding our economies, strengthening health systems and ensuring sustainable livelihoods for our citizens.”

President Tinubu also spoke of the importance of technical cooperation and capacity building to address current global challenges.

“As a country, we have actively participated through the Directorate of Technical Assistance Corps (DTAC) in promoting international cooperation in the spirit of South-South Collaboration.

“DTAC, as a key instrument of Nigeria’s foreign policy, facilitates the exchange of experience and knowledge with 38 African, Caribbean and Pacific (ACP) countries, sending more than 30,000 qualified professionals since its inception in 1987.

“These efforts enhance our collective ability to strengthen the education and health system and ensure sustainable livelihoods 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 of Technical Cooperation in Africa (DTCA), he added.

The DTCA plays a crucial role in fostering collaboration and economic development across the African continent.

Leveraging the strengths of the DTCA, the President said Nigeria aims to deepen ties with other African nations, sharing resources and expertise to promote mutual growth and development.

Similarly, in its commitment to South-South collaboration, Nigeria also emphasizes the importance of triangular cooperation.

“This partnership model, involving developing countries, developed nations and international organizations, offers a comprehensive approach to addressing global challenges.

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

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

Signed

Folasade Boriowo, Director of Information, Ministry of Budget and Economic Planning

January 21, 2024

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