An amazing fact about Borno is that it’s the only State in Nigeria with three international borders. It borders the Republic of Niger to the north, Lake Chad (and the Republic of Chad to the northeast, and Cameroon to the east. This has a massively helped fuel the economy of the state. Not only the state but also kicks in revenue to the Federal government.
The Borno state Agricultural sector alone contributes up to 65 percent of the State’s Gross Domestic Product (GDP). The revenue generated from Baga in Kukawa alone is between 4-5 Billion Naira in a year from the Baga Fish Market.
Mining activities also rakes in a lot of revenue for the states. At the Bima Sandstones, limestone and kaolin deposits are in abundant. Clay, salt and potash deposits are found in the Chad plains. Other Minerals resources such as volcanic and Basement complex rocks containing iron ore, uranium, quartz, magnesite, mica and granite are also available for mining. The availability of mineral resources is a solid Base for the industrialisation of the state. This is an untapped opportunity for both local and foreign investors.
In the year 2020, Borno state planned to generate the sum of N4.6 billion. It’s mind blowing that in just five months it was able to generate close to N4 billion from January to May. This has made the target change from N4.6 billion to N10 billion for the year 2020. Transformation is taking place in Borno state, most leakages have been blocked and new form of collecting revenue has been introduced. MDAS that are revenue generating were made to close all their existing revenue accounts and pay directly to the new Treasury Single Account (TSA). Cash payment has also been stopped. Tax or levy are now paid through Banks. This has tremendously boost the IGR of the state in just one year. According the current Commissioner of Finance, Borno state will state competing with a state like Lagos in next 10-15years.
Recently the Federal Government paid their PAYE for their workers living in Borno State. Though the Federal Government was expected to remit the sum of N8.2 billion but instead paid 25 percent of which is about N1.8 billion. When the remaining 75 percent is paid Borno state revenue would definitely surpass the new target of N10 billion before the end of the year. Borno state is expected to raise from the current number 31st to 16th position or above.