Covid-19: Zulum braces up for economic downturn, sets up team to increase Borno’s internal revenue

By Apex News Exclusive On Mar 24, 2020

Borno Governor, Zulum

… Says 2020 budget will be reviewed

Borno State Governor, Prof. Babagana Umara Zulum on Tuesday braced up for impending economic downturn as a result of the ravaging coronavirus pandemic as well as dwindling Nigeria’s oil revenue, setting up a committee to increase the state’s internally generated revenue (IGR).

The governor, while announcing the team to be led by his economic adviser, Alhaji Mustapha Bulu, mandated them to increase Borno’s internally generated revenue through innovations, fiscal discipline, blocking of leakages and priority funding.

Members of the team includes the Permanent Secretaries in ministries of finance, trade and investment, environment, transport, health, water resources as well as the general managers of the state’s housing and water cooperation, with the Chairman of the state’s Board of internal revenue, serving as the Secretary.

He gave them the task of blocking all leakages in revenues accruing to the state and to harness all avenues to increase internal revenue.

Governor Zulum also announced that the state executive council will review the 2020 budget given the fall in oil price which could make projected revenue from the federation account potentially impossible as a result of drop from more than $50 bench mark to less than $30 being the price at the moment.

Zulum said a revised budget will be sent to the Borno State House of Assembly, in which less revenue will be projected from the federation account, while some projects will be set aside with government to focus on funding priority projects.