The Borno State Government has announced a two-year tax waiver for traders who suffered losses due to the devastating floods of September 2024 and the fire outbreak at Maiduguri’s Monday Market.
The decision, approved by Governor Babagana Umara Zulum, is aimed at alleviating the financial burden on affected businesses and stimulating economic recovery in the state.
Supporting Traders in Difficult Times
Professor Ibrahim Bello, Chairman of the Borno State Board of Internal Revenue, disclosed the tax relief in a statement issued on Monday.
“This measure takes effect from the month of Ramadan and is designed to cushion economic hardships while improving livelihoods,” Bello stated.
He explained that the waiver is part of the state government’s broader efforts to support business owners struggling with the impact of disasters.
“The government understands the financial struggles faced by traders who suffered heavy losses. This tax relief will give them room to recover and reinvest without the added pressure of tax obligations,” Bello added.
Background: The Disasters That Affected Traders
In September 2024, severe floods swept through parts of Borno State, destroying homes, farmlands, and businesses. The floods were among the worst the state had seen in years, displacing thousands of residents and leaving traders with massive losses.
Just months later, in early 2025, Maiduguri’s popular Monday Market was engulfed in flames, destroying countless shops and merchandise worth millions of naira. Many traders who had barely recovered from the flood disaster lost their entire businesses overnight.
The combination of these two events severely impacted the local economy, prompting the government to introduce urgent relief measures, including the tax waiver.
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Government’s Expectation from Traders
Bello urged the beneficiaries of the tax relief to extend the benefits to the general public by ensuring fair pricing of goods, particularly during and after Ramadan.
“The tax relief is meant to help traders rebuild, but we also expect them to pass on some of the benefits to consumers by making essential goods more affordable,” he emphasized.
Governor Zulum’s Commitment to Economic Recovery
Governor Zulum reaffirmed his administration’s commitment to supporting businesses affected by disasters, stressing that the tax waiver is part of a larger effort to revive the local economy.
“This initiative is about giving traders the breathing space they need to stabilize and rebuild their businesses without worrying about tax payments,” Zulum stated.
Despite the waiver, the governor assured residents that the state government remains committed to funding critical infrastructure projects through other revenue sources.
“The taxes we collect are used to improve public infrastructure, including roads and environmental projects in areas such as Jiddari, Umarari, GRA, Bulumkutu, and the Chad Basin neighborhoods,” Bello added.
Strengthening the Tax System for the Future
While granting the waiver, the Borno State Government emphasized its commitment to strengthening the state’s tax system and ensuring transparency in revenue management.
Bello highlighted that the government has made significant progress in improving tax collection and accountability, ensuring that public funds are used efficiently for development projects.
As Borno continues its recovery efforts, the two-year tax exemption serves as a crucial step in helping businesses rebuild and contribute to the state’s economic growth.
