President Tinubu Advocates for Global Tax System Review

President Bola Ahmed Tinubu has called for a review of the global tax system in order to address the imbalance in the international tax regime.

The President made this statement while addressing the Third South Summit of the Group of 77 and China in Kampala, Uganda.

President Tinubu, represented by the Minister of Budget and Economic Planning, Senator Atiku Bagudu, emphasized the importance of redressing the systemic imbalance that has led to significant revenue losses for developing countries, particularly in taxing digital economies.

The President’s stance reflects Nigeria’s commitment to multilateralism as a way of addressing global challenges.

Nigeria, alongside other member states of the African Group, has championed a historic initiative at the United Nations, calling for a framework convention on tax.

This resolution marks a pivotal step towards establishing a more equitable and inclusive global tax system.

The summit, themed “Leaving No One Behind,” was attended by several Heads of State and Government as well as heads of international organizations, including United Nations Secretary-General Antonio Guterres.

President Tinubu expressed Nigeria’s appreciation to all the countries that supported the global tax review initiative, highlighting the shared commitment to rectifying the inequities of the current tax system.

This call for a global tax system review by President Tinubu is a significant step towards creating a fairer and more balanced international tax regime, which could potentially benefit developing nations and foster economic self-reliance.