Ekiti: Oyebanji presents N490.74bn 2027 budget
Ekiti State Governor Biodun Oyebanji presented a budget estimate of 490.74 billion naira for the 2027 fiscal year to the State House of Assembly on Thursday in Ado-Ekiti. The proposed budget, titled “Budget of Sustained Progress and Prosperity,” coincided with the 30th anniversary of Ekiti State’s creation.
In his address, Oyebanji highlighted the significance of the presentation, marking him as the first democratically elected governor in the state to hand over power to the same administration for a subsequent four-year term.
“History is being made today,” he said. “It is not only historic but symbolic.”
The governor expressed gratitude to the people of Ekiti for re-electing him with over 85 percent of the votes in the June 2026 governorship election, committing to deliver greater benefits in his second term.
Reviewing the 2026 Budget of Impactful Governance, he noted that the approved budget size was 415.57 billion naira, comprising 221.87 billion naira for recurrent expenditure and 193.69 billion naira for capital projects, which he said was faithfully implemented.
As of June 30, 2026, actual revenue reached 218.97 billion naira, surpassing the pro-rated target by 5 percent. This increase was attributed to tax reforms enacted by President Bola Tinubu, enhanced federal allocations, the Infrastructure Support Fund, and a rise in Internally Generated Revenue, which grew from 13 billion naira in 2022 to over 55 billion naira in 2025.
On expenditures, Oyebanji reported that total spending reached 163.6 billion naira as of June, achieving 79 percent of the pro-rated target. He noted that the government had adopted a conservative fiscal approach and submitted a revised 2026 budget, maintaining its original size while prioritizing initiatives aligned with its Shared Prosperity vision.
For 2027, the governor indicated that projected revenue would include an opening balance of 33.36 billion naira, federal allocations of 139.85 billion naira, value-added tax of 89.12 billion naira, independent revenue of 59.71 billion naira, external grants of 158.67 billion naira, and a loan plan of 10 billion naira. Recurrent expenditures are anticipated at 275.68 billion naira, with capital expenditures at 215.05 billion naira, establishing a 56:44 ratio.
The capital allocation aims to support key sectors, with 147.98 billion naira designated for the economic sector, which encompasses agriculture, infrastructure, and tourism. Additional allocations include 32.57 billion naira for social initiatives, 31.64 billion naira for administration, and 2.84 billion naira for law and justice.
Oyebanji pledged enhanced governance in his second term, focusing on public safety, infrastructure development, job creation, and empowerment initiatives. Key projects outlined include the completion of a flyover in Ado-Ekiti, rehabilitation of township roads, construction of new general hospitals, agricultural land clearing, expansion of poultry facilities, and the establishment of a new state library and modern secretariat.
He urged the Assembly to prioritize the appropriation bill to ensure implementation begins on January 1, 2027, and expressed his appreciation to President Tinubu for the support that has facilitated increased revenue for the state.
