Gov Zulum Approves Two-Year Tax Waiver For Borno Traders

The Governor of Borno State, Babagana Zulum, has approved a two-year tax exemption for traders impacted by the flood disaster in September 2024 and the fire incident at the Maiduguri Monday market.

The Chairman of the Borno State Internal Revenue Service (BO-IRS), Prof. Ibrahim Bello, announced this decision while speaking to reporters in Maiduguri on Sunday.

He indicated that this initiative is intended to support economic recovery and alleviate financial pressures on businesses.

He further elaborated that the tax waiver is part of the state government’s ongoing reforms in tax administration, aimed at improving the business environment and fostering economic development.

Naijaonpoint recalls that the flood disaster in September 2024 severely disrupted economic activities in Borno, leaving many businesses and households struggling to recover.

Additionally, traders at the Maiduguri Monday Market, a key commercial center, incurred substantial losses due to a catastrophic fire earlier in the year.

According to the United Nations Office for the Coordination of Humanitarian Affairs (OCHA), over 300,000 individuals have been temporarily displaced and registered across 30 relocation sites following evacuations from flood-affected regions in the Maiduguri Metropolitan Council (MMC), Jere, and Konduga local government areas (LGAs).

By implementing this tax waiver, Governor Zulum seeks to offer relief to the affected traders, enabling them to reinvest in their enterprises without the added burden of tax liabilities.

Bello noted that Borno State has made considerable progress in modernizing its tax system.

He emphasized that tax revenues are currently being allocated to infrastructure initiatives, which encompass road development and urban revitalization projects in Jiddari, Umarari, GRA, Bulumkutu, Custom, Chad Basin, and other significant regions.

The tax waiver is expected to offer essential financial relief to businesses facing difficulties, enabling them to recover and maintain their operations.

It is anticipated that local commerce will flourish and investor confidence will be bolstered by alleviating financial pressures, contributing to a more dynamic economic atmosphere.

Moreover, the waiver seeks to strengthen economic resilience, ensuring that both businesses and the broader economy are better equipped to endure future challenges or crises.

In addition, as the state enhances its revenue systems, this initiative is likely to promote voluntary tax compliance, fostering a more sustainable and collaborative fiscal environment.