Adebisi Oderinde, a prominent tax expert and Chief Executive Officer of AOC-Adebisi Oderinde & Co, has called on President Bola Tinubu to postpone the proposed tax reforms in Nigeria.
Speaking at the inauguration of his company's new head office in Ogun State, Oderinde emphasized the need for small and medium enterprises (SMEs) to develop without the burden of new taxes, warning that such reforms could adversely affect various states across the country.
Oderinde, who has over 28 years of experience in accounting and tax consultancy, expressed concerns that the planned reforms, which many believe would benefit Lagos State, could actually harm it due to ongoing economic challenges.
He stated, “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,” highlighting that any increase in taxes could deepen existing hardships for citizens.
He particularly criticized proposals to cancel consumption tax and raise Pay-As-You-Earn (PAYE) rates, pointing out that these changes would destabilize state revenues.
According to recent data from the National Bureau of Statistics (NBS), PAYE constitutes about 63% of Internally Generated Revenue (IGR) across Nigeria's 36 states and the Federal Capital Territory. “If they adjust the PAYE, it will affect so many states,” he warned.
During his speech, Oderinde also reflected on the symbolism of his company’s logo, which features grey, red, and blue colors representing challenges, relief, and breakthroughs.
He credited his success to divine guidance and expressed disbelief at completing the office building.
The inauguration event was attended by notable dignitaries, including Michael Gbadebo, the Alake and Paramount Ruler of Egbaland; Taiwo Adeoluwa, former Secretary to the Ogun State Government; and Timothy Oguntayo, former Managing Director of Skye Bank Plc.
