A tax expert and the Chief Executive Officer of AOC-Adebisi Oderinde & Co, Adebisi Oderinde, has urged President Bola Tinubu to reconsider the proposed tax reforms in Nigeria.
“My advice is for us to make hay while the sun shines and the journey of 1,000km starts with a step, and slow and steady wins the race. The country is hard! You know I am a tax practitioner and as much as we continue to pray for our President, he must listen to the words of the elders especially as it concerns tax reform,” Oderinde said.
Speaking at the inauguration of the company’s Head Office in Kara, Ogun State, on Tuesday, Oderinde emphasized the importance of allowing small and medium businesses to grow before implementing any new tax changes, warning that the reform could negatively impact many states.
With over 28 years of experience as a chartered accountant and tax consultant, Oderinde also highlighted concerns that the reform may disproportionately benefit Lagos State, a claim that many people are starting to believe.
The tax professional cautioned that implementing the proposed tax reforms could have a detrimental impact on the state, given the current economic challenges in Nigeria.
He advised the President to halt any plans to increase taxes or proceed with any actions aimed at executing the reform.
Oderinde said, “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. I understand some people are thinking of VAT and also thinking there may be a tax derivation and all, but this is not the time to reform tax. Even in Lagos State that everybody thinks the reform will favour, it won’t favour them. It will rather affect Lagos state. One of the legs of the reform is the consumption tax and they will cancel it. Lagos makes more money from consumption tax than any other state in the federation.
“They also want to raise the bar of PAYE, the result released by NBS in 2023 shows that the total IGR in the 36 states plus the FCT is about N2.4tn, and the PAYE in it is about 63 per cent. 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.”
During the event, Oderinde also spoke about the significance of the company logo, which features three colors—grey, red, and blue.
He explained that these colours symbolize the three stages of challenges, relief, and breakthroughs that he and the company have experienced.
He attributed the success of their journey to God’s guidance, reflecting that when construction of the office space began, he never imagined it could be completed within his lifetime.
Speaking at the event, the Chairman of the occasion commended Oderinde for his unwavering integrity and diligence in all of his endeavors.
Among the dignitaries in attendance were the Alake and Paramount Ruler of Egbaland, Michael Gbadebo; former Secretary to the Ogun State Government, Taiwo Adeoluwa; the Apena of Egbaland and father of Dimeji Bankole, former Speaker of the House of Representatives, Alami Bankole; Olofin Isheri, Oba Sulaimon Bamigbade; and Olu of Arepo, Oba Sobowale Benson.
Others include the former Managing Director of the Skye Bank Plc and Chairman of the Occasion, Timothy Oguntayo; Executive Chairman of Ogun State Internal Revenue Service, Olugbenga Olaleye; Bishop Diocese of Lagos West of the Anglican Communion, Dr James Odedeji, among others.
