Borno State Governor, Babagana Umara Zulum, has approved a two-year tax waiver for traders in the state, particularly those affected by the September 2024 floods and the fire outbreak at Maiduguri’s Monday Market.
The Chairman of the Borno State Board of Internal Revenue, Professor Ibrahim Bello, announced the decision in a statement issued to journalists in Maiduguri on Monday.
“This measure takes effect from the month of Ramadan to ease economic hardship and improve livelihoods,” Bello stated.
He explained that the decision was aimed at revitalizing the local economy and reducing the financial burden on traders.
“The government recognizes the struggles of traders who have suffered losses due to natural disasters. This tax waiver will give them the opportunity to recover and reinvest in their businesses without the additional pressure of tax payments,” he added.
Bello further emphasized that the state government expects traders to extend the benefits of this relief to the general public by making essential goods more affordable during and after Ramadan.
Governor Zulum reiterated his commitment to supporting businesses affected by disasters, stressing that the tax waiver is part of a broader effort to stimulate economic growth in the state.
“This decision is about giving our traders a chance to rebuild. We want them to stabilize their businesses without the added financial burden of taxes,” Zulum stated.
However, he assured residents that despite the waiver, the government remains committed to ongoing development projects funded by tax revenues.
“The taxes we collect are used for key infrastructure projects such as road construction and environmental improvements in areas like Jiddari, Umarari, GRA, Bulumkutu, and Chad Basin neighborhoods,” Bello explained.
He further noted that Borno State has made significant progress in strengthening its tax system and ensuring accountability in revenue utilization.