BORNO: Gov Zulum approves two-year tax waiver for traders

Announcing the development today in Maiduguri, the Chairman of the Borno State Internal Revenue Service (BO-IRS), Prof. Ibrahim Bello, said the initiative was necessary to ease the financial burdens on businesses and support economic recovery.

He explained that the waiver is part of the state government’s broader tax administration reforms designed to enhance the ease of doing business and promote economic growth.

Recall that the September 2024 floods severely disrupted economic activities in Borno, leaving many businesses struggling to recover. Similarly, traders at the Maiduguri Monday Market suffered major losses due to a devastating fire earlier in the year.

According to the United Nations Office for the Coordination of Humanitarian Affairs (OCHA), over 300,000 displaced individuals have been registered across 30 relocation sites in Maiduguri Metropolitan Council (MMC), Jere, and Konduga LGAs.

The tax waiver offered by the governor, aims to provide relief to affected traders, allowing them to reinvest in their businesses without the added burden of tax obligations.

Bello also highlighted the state’s progress in modernizing its tax system, noting that revenues are being reinvested into infrastructure projects, including road construction and urban renewal efforts in Jiddari, Umarari, GRA, Bulumkutu, Custom, and Chad Basin, among other areas.

The tax waiver is expected to offer much-needed financial relief to struggling businesses, boost local trade, and attract investors, fostering a more stable and resilient economy.

Additionally, the initiative is seen as a step toward encouraging voluntary tax compliance and strengthening the state’s revenue system for long-term economic sustainability.