The 110th inaugural lecture of the Rivers State University, and the first under the tenure of Vice-Chancellor Professor Isaac Zep-Obipi, was delivered by Professor John Ohaka who spoke on “Plug-and-Play Opportunities in Accounting and Taxation: A Social Contract Lens”. 

Speaking to a packed auditorium, Prof. Ohaka emphasized that a functional tax system should not undermine the people’s fortunes but must address their needs.

He explained that taxation and accounting are powerful tools for socio-economic development, wealth redistribution, and national growth, stressing that individuals, businesses, and governments can all “plug in and play” to reap the benefits of a well-structured financial system. 

Prof. Ohaka urged stakeholders to embrace professionalism in financial reporting, stating that Nigeria’s underdevelopment will remain unless corruption is seen as the common enemy.

He highlighted the need for transparency, proper accountability, and adherence to established standards in accounting and taxation. 

During an interview after the lecture, he provided a practical perspective, linking Nigeria’s economic struggles to poor tax compliance and governance. 

“For us to see how people can utilize revenue from taxes, companies must minimize expenses caused by high operational costs. When expenses increase, profits decrease, and as profits shrink, tax liabilities also drop. The government is then unable to meet its social contract, no electricity, no roads, no education. This is why taxpayers run. They want to see the reason they are paying tax”.

Prof. Ohaka also referenced Adam Smith’s tax principles using them to analyse Nigeria’s tax structure and highlight the need for reform. 

In his welcome remarks, Vice-Chancellor, Professor. Isaac Zep-Obipi commended Prof. Ohaka for his insightful lecture, acknowledging the importance of accounting and taxation in transforming economies.

He reaffirmed that under his leadership, the university’s vision would be driven by technology. 

In his closing remarks, he noted: “According to the lecturer, accounting and taxation are instruments for socio-economic development, wealth creation, and national growth. They loosen economies, empower governments, and create equitable societies. For me, Prof. Ohaka has added to the vocabulary of taxation with his concept of the social contract.”

Prof. Ohaka emphasized that taxation should be viewed as a social contract between the government and the people.

 He recommended several strategies to improve Nigeria’s tax system, including transparency and accountability in public spending, providing quality public services to justify taxation, granting tax incentives for critical sectors, creating tax-efficient investment opportunities, and encouraging collaboration among stakeholders His lecture was a strong reminder that taxation, when properly managed, can be a tool for national progress rather than a burden on the people.