Exclusive: Tax Break Announced For Traders Hit By Flood & Fire

Exclusive: Tax Break Announced For Traders Hit By Flood & Fire

Borno State Governor, Babagana Zulum, has approved a two-year tax exemption for traders affected by the September 2024 flood disaster and the Maiduguri Monday Market fire, aiming to support economic recovery and ease financial hardship.…….READ MORE 

Chairman of the Borno State Internal Revenue Service (BO-IRS), Prof. Ibrahim Bello, announced the relief measure on Sunday, highlighting its role in ongoing tax reforms designed to improve business conditions and stimulate economic growth.

The devastating flood and fire incidents significantly disrupted commercial activities, displacing over 300,000 people across relocation sites in Maiduguri Metropolitan Council (MMC), Jere, and Konduga LGAs. The tax waiver is expected to help affected traders reinvest in their businesses without the additional burden of taxation.

Bello also noted Borno’s strides in modernizing tax administration, ranking 12th nationwide for its improved and digitized system. Tax revenues are being directed toward key infrastructure projects, including roads and urban renewal efforts in areas such as Jiddari, Umarari, and GRA.

The waiver aims to provide immediate financial relief, boost local trade, attract investor confidence, and enhance economic resilience, ensuring businesses can better withstand future crises.