The Chief Executive Officer of AOC-Adebisi Oderinde & Co and an experienced tax consultant, Adebisi Oderinde, has called upon President Bola Tinubu to reconsider plans for implementing a new tax reform in Nigeria.
Oderinde, who is also a chartered accountant with nearly three decades in the field, expressed his concerns that an immediate tax overhaul could negatively impact states across the country, particularly small and medium businesses struggling amid current economic conditions.
He shared these thoughts during the official inauguration of the company’s new Head Office, situated in the Kara area of Ogun State.
Addressing the audience, Oderinde warned that the timing of a tax reform is critical, arguing that Nigeria’s economic environment is too fragile for such changes.
While some might assume that the reform is intended to benefit states like Lagos, Oderinde cautioned that the reform could, in fact, be detrimental.
“This is not the right time to reform any tax, we do not need to change any rate at the moment. The purchasing power of Nigerians is very low,” he remarked, adding that even Lagos State, widely believed to benefit, would suffer due to its reliance on consumption taxes, a revenue stream that the reform may eliminate.
Oderinde highlighted that one of the proposed reforms includes an increase in the Pay-As-You-Earn tax.
He mentioned that the figures from the National Bureau of Statistics in 2023 showed that PAYE accounted for 63 percent of the total Internally Generated Revenue across the 36 states and the Federal Capital Territory, totaling around N2.4 trillion.
“If they adjust the PAYE it will affect so many states. Instead of the northerners looking at that, they are considering VAT and if the PAYE is raised just like they want to do, it will affect them more than even VAT,” Oderinde noted, urging the President to prioritize the economic stability of states before proceeding with any major tax restructuring.
In a personal reflection, Oderinde shared insights on the significance of the company’s logo, which incorporates three colors—grey, red, and blue—symbolizing the stages of challenges, relief, and breakthroughs the company has experienced.
He credited his achievements to divine intervention, admitting that he had initially doubted the completion of the new office space during his lifetime.
The inauguration ceremony was attended by several distinguished guests, including Michael Gbadebo, the Alake and Paramount Ruler of Egbaland; Taiwo Adeoluwa, former Secretary to the Ogun State Government; Alami Bankole, Apena of Egbaland and father of former Speaker of the House of Representatives, Dimeji Bankole; Oba Sulaimon Bamigbade, Olofin of Isheri; and Oba Sobowale Benson, Olu of Arepo.
Other prominent figures included Timothy Oguntayo, former Managing Director of Skye Bank Plc and Chairman of the occasion; Olugbenga Olaleye, Executive Chairman of the Ogun State Internal Revenue Service; and Dr. James Odedeji, Bishop of the Anglican Communion’s Diocese of Lagos West. Oguntayo commended Oderinde’s dedication and integrity, noting his strong work ethic and steadfastness throughout his career.
