In preparation for impacts from global economic downturn due to covid-19 pandemic and fall in Nigeria’s oil revenue, Governor Babagana Umara Zulum of Borno State has set up a team with mandate of increasing internally generated revenue of the State .
This is through innovations, fiscal discipline, blocking of leakages and priority funding.
The Governor announced the team on Tuesday in Maiduguri, to be chaired by his economic adviser, Alhaji Mustapha Bulu with members including Permanent Secretaries in ministries of finance, trade and investment, environment, transport, health, water resources as well as general managers of the state’s Housing and Water Corporation.
Chairman of the state Board of Internal Revenue will serve as the team’s Secretary.
He said the team is to block all leakages in revenues accruing to the state and to harness all 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 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.