President Bola Tinubu has urged for a thorough review of the global tax system due to its unfairness.
Tinubu claimed that the international tax regime is mainly shaped by the interests of richer nations at the expense of developing economies.
He made the statement at the Third South Summit of the Group of 77 and China in Kampala, Uganda over the weekend.
The President, who was represented by Budget and Economic Planning Minister Abubakar Bagudu, stressed Nigeria’s support for multilateralism in tackling global issues.
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According to him, the global tax regimes are skewed against developing nations.
The above, he insisted, causes them to lose significant revenues and hamper their development and economic independence.
He said that Nigeria is leading a historic effort with other members of the African Group at the United Nations (UN) to address the problem through a Framework Convention on Tax.
Tinubu also thanked the countries that backed the global tax overhaul initiative.
He said:
“Their solidarity shows a common desire to fix the flaws of the current tax system and promote a more equitable economic order.”
