President Bola Tinubu has made a strong case for a review of the global taxation system.
He made the call at the third south summit of the Group of 77 and China, holding in Kampala, Uganda.
According to a statement by Folasade Boriowo, director of information, minister of budget and economic planning, the president was represented by Atiku Bagudu, the minister.
The summit is being attended by many heads of state and government as well as heads of international organisations, including United Nations Secretary-General Antonio Guterres.
Global tax is a system of taxation that applies across national borders, and aims to create a fair and efficient way to raise revenue from multinational corporations and individuals with significant international income.
Tinubu who spoke on the theme, ‘Leaving No One Behind’, said redressing the imbalance in the international tax regime has become imperative, adding that the issue of global taxation is pressing because it impacts developing countries.
“The current international tax systems, largely shaped by the interests of more affluent nations, often leave developing countries at a disadvantage, especially in taxing digital economies,” he said.
“This systemic imbalance has led to significant revenue losses, hampering our efforts towards sustainable development and economic self-reliance.”
In response to this, according to the statement, Nigeria, alongside other member states of the African Group, championed a historic initiative at the United Nations, calling for a framework convention on tax.q
This resolution, according to the president, marks a pivotal step towards establishing a more equitable and inclusive global tax system.