
Borno State Governor, Babagana Zulum, has approved a two-year tax waiver for traders affected by the September 2024 flood disaster and the Maiduguri Monday Market fire incident. This move aims to facilitate economic recovery and ease financial burdens on businesses. The tax waiver is part of the state government’s ongoing tax administration reforms, designed to enhance the ease of doing business and encourage economic growth. According to Prof. Ibrahim Bello, Chairman of the Borno State Internal Revenue Service (BO-IRS), the waiver will help businesses recover and reinvest in their operations without the additional strain of tax obligations.
The September 2024 flood disaster significantly disrupted economic activities in Borno, with over 300,000 people temporarily displaced and businesses struggling to recover. Similarly, traders at the Maiduguri Monday Market suffered heavy losses due to a devastating fire earlier in the year. Borno State’s tax revenues are being utilized for infrastructure development, including road construction and urban renewal projects in key areas such as Jiddari, Umarari, GRA, Bulumkutu, Custom, Chad Basin, and more.
The newly approved two-year tax waiver is expected to bring significant financial relief to struggling businesses, enabling them to recover and sustain their operations. This initiative aims to reduce financial burdens on businesses, allowing them to focus on growth and development.By providing tax relief, the state government hopes to boost local trade, instil confidence in investors, and foster a more vibrant economic environment. This move is anticipated to have a positive impact on the state’s economy, promoting economic growth and development.
The tax waiver initiative also aims to enhance economic resilience, ensuring that businesses and the overall economy can better withstand future challenges or disasters. Furthermore, as the state strengthens its revenue systems, the initiative is likely to encourage voluntary tax compliance, creating a more sustainable and cooperative fiscal landscape.