MAIDUGURI, North-East, Nigeria – In preparation for impacts from global economic downturn due to Covid-19 pandemic and fall in Nigeria’s oil revenue, the Bornor State Governor, Babagana Zulum, has set up a team with the mandate of increasing State’s internally generated revenue 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 Housing and Water Corperation; while Chairman of the state Board of Internal Revenue will serve as Secretary.
He said the team is to block all leakages in revenues accruing to the state and to harness all increase internal revenue.
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.
He 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 to focus on funding priority projects.