Borno State Governor, Babagana Umara Zulum, has approved a two-year tax waiver for traders affected by the devastating September 2024 floods and the fire outbreak at Maiduguri’s Monday Market.
This decision aims to alleviate economic hardship, improve livelihoods, and revitalize the local economy.
According to Professor Ibrahim Bello, Chairman of the Borno State Board of Internal Revenue, the tax waiver will take effect from the month of Ramadan.
“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 with the additional pressure of tax payments,” he added.
He further emphasized that the state government expects traders to pass on the benefits of this relief to the general public by making essential goods more affordable during and after Ramadan.
Governor Zulum emphasized his commitment to supporting businesses affected by disasters, stating that the tax waiver is part of a broader effort to stimulate economic growth in the state.
Despite the waiver, the government remains committed to ongoing development projects funded by tax revenues, including road construction and environmental improvements in various neighborhoods.