…Calls for improvements in international tax governance
From Aidoghie Paulinus, New York
Following the devastating economic effects of COVID-19, the Federal Government has welcomed the call for the Sustainable Development Goals (SDGs) stimulus package of at least US$500 billion annually.
This was even as the government urged the international community to support the call for the stimulus package.
The Charge d’Affaires, Permanent Mission of Nigeria to the United Nations, Syndoph Endoni, made the call at the 2024 ECOSOC Financing for Development Forum held in New York, United States.
Addressing the audience, Endoni said the journey towards the 2030 targets is challenged by a substantial financing gap, which required robust international collaboration to bridge the gap.
“We welcome the call for the SDGs stimulus package of at least $500 billion annually and urge the international community to support it,” Endoni said.
Endoni also said in Nigeria’s pursuit of sustainable development, the government is actively increasing Domestic Revenue Mobilization (DRM) through comprehensive tax reforms and improved tax administration systems.
Endoni, however, said the efforts alone were insufficient without reforms in the international financial architecture that currently impede equitable growth.
Endoni told the audience that combatting Illicit Financial Flows (IFFs) is critical as Nigeria loses between $15 to $18 billion annually and called for strengthened global partnership to curb the financial leakages, as well as enhance international tax cooperation, essential not only for economic stability, but also for global financial integrity.
“The pressing concern of climate change calls for immediate and substantial financial commitments. We emphasize the need for climate financing that is new and additional and not merely a redirection of existing development aid.
“Furthermore, with an increase in external debts and inflation rates impacting economic stability, we face escalating debt service burdens that significantly constrain our fiscal capacity. We urgently call for comprehensive debt relief measures, including improved borrowing terms,” Endoni also said.
Endoni further said as the global community looked towards the 2025 Fourth International Conference on Financing for Development in Spain, Nigeria is committed to the discussions and constructive engagements that will pave the way for a sustainable and inclusive financial system.
“Our goal is not only to meet our SDG targets but to ensure that no country and no one is left behind,” Endoni stated.
Meanwhile, the Federal Government, has called for significant improvements in the current international tax governance.
The Charge d’Affaires, Permanent Mission of Nigeria to the United Nations, Syndoph Endoni, made the call during the First Session of the Ad Hoc Committee To Elaborate Terms of Reference For United Nations Framework Convention On International Tax Cooperation in New York, United States.
Endoni said Nigeria has historically supported and has continued to advocate for multilateral actions as the basis for addressing the wide-ranging issues of international taxation.
He also said Nigeria recognized that the complexities of international tax not only cross borders, but demand collective action and inclusivity.
“This belief led Nigeria to spearhead this initiative, mindful that our challenges are global and require multilateral and global solutions.
“The current international tax platforms, despite years of engagement, offer minimal benefits for developing countries like ours. The aftermath of initiatives against Base Erosion and Profit Shifting has left much to be desired, with tax avoidance mechanisms and IFFs still on the rise, largely due to decision-making processes that we think are skewed.
“Therefore, the need for significant improvements in the current international tax governance cannot be overstated. We emphasize the importance of inclusivity in decision-making, the combat against illicit financial flows, the assurance of equitable taxation, the enhancement of transparency and the strengthening of capacity building.
“Our goal is for a dynamic and responsive framework that acknowledges every nation’s sovereign right to determine tax matters while promoting fair collaboration and the pooling of collective expertise for the development of superior tax models.
“Furthermore, we advocate for the application of the General Assembly’s rules of procedure in our committee’s decision-making process, upholding the simple majority rule to reflect our democratic values and ensure transparency,” Endoni said.