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.
The initiative is aimed at facilitating economic recovery and easing financial burdens on struggling businesses.
Announcing the waiver in Maiduguri on Sunday, the Chairman of the Borno State Internal Revenue Service (BO-IRS), Prof Ibrahim Bello, said the decision aligns with the state government’s tax reforms to enhance the ease of doing business.
“This waiver is part of our broader tax administration reforms aimed at fostering economic growth. Governor Zulum is committed to ensuring businesses affected by recent disasters receive much-needed relief to rebuild and thrive,” Bello stated.
The September floods and the market fire wreaked havoc on businesses, with thousands of traders suffering significant losses.
More than 300,000 people displaced by the floods have been relocated to 30 sites across Maiduguri Metropolitan Council, Jere, and Konduga local government areas, according to the United Nations Office for the Coordination of Humanitarian Affairs (OCHA).
Governor Zulum’s tax relief initiative is expected to help traders reinvest in their businesses without the burden of tax obligations, offering them a crucial pathway to economic stability.
“The government is committed to modernising our tax system while ensuring revenue is channelled into vital infrastructure projects,” Bello added.
He highlighted ongoing projects, including road construction and urban renewal in Jiddari, Umarari, GRA, Bulumkutu, Custom, and Chad Basin.
By alleviating financial pressures on struggling businesses, the waiver is expected to boost local trade and attract investors, fostering a more resilient economic environment.
Experts believe this move will also enhance voluntary tax compliance in the future, creating a more sustainable revenue system for the state.
The initiative underscores the government’s commitment to economic revitalisation and disaster recovery, ensuring affected businesses regain stability and contribute to Borno’s long-term development.