…Says Ekiti has lowest food inflationary rate in Nigeria
Ekiti State Governor, Biodun Oyebanji, has said the state’s economy is projected to reach N8.8 trillion, while its internally generated revenue (IGR) rose significantly during his administration.
Oyebanji disclosed this on Tuesday while delivering his annual State of the State Address at the Ekiti State House of Assembly in Ado-Ekiti, where he highlighted achievements in revenue generation, agriculture, investment and social welfare.
The governor said the state’s gross domestic product (GDP) increased from N2.4 trillion in 2019 to N4.6 trillion in 2023, representing a 90 per cent rise, with recent projections indicating that the figure was approaching N8.8 trillion.
According to him, Ekiti’s position among Nigerian states improved from 33rd to 28th, while its contribution to the national GDP rose from 1.3 per cent to 1.6 per cent.
He attributed much of the state’s economic activity to trade and agriculture, which he said contributed N1.7 trillion and N1.05 trillion respectively, accounting for about 60 per cent of the economy.
Oyebanji said his administration had prioritised the two sectors because of their economic potential, while investments in aviation and tourism were intended to diversify the state’s revenue base.
He also maintained that his government had honoured its social contract with residents since assuming office in 2022 by promoting participatory governance and accelerating development across key sectors.
The governor said his administration would build on the gains recorded over the past four years, with renewed emphasis on agriculture, industrialisation and a knowledge-based economy.
Providing details of the state’s revenue performance, Oyebanji said monthly IGR had increased from an average of between N650 million and N700 million when he took office in 2022 to about N2.6 billion.
He said the state generated N8.7 billion in 2022, N12 billion in 2023 and N17.6 billion in 2024, before revenue rose to N27.1 billion in 2025.
As of June 2026, the state had generated N15.6 billion, with the governor projecting that the figure could approach N32 billion by the end of the year.
He put Ekiti’s cumulative IGR over the four-year period at N88.4 billion.
Oyebanji attributed the improvement to administrative reforms, digitalisation of tax collection, expansion of the tax base and efforts to improve the business environment.
He also cited data from the Joint Revenue Board, saying Ekiti recorded 62.13 per cent growth in IGR in 2025, outperforming other states in the South-West and 26 other states, as well as the Federal Capital Territory.
According to him, the state now finances about one-third of its total expenditure from internally generated revenue, reducing its reliance on other sources of funding.
The governor also cited food affordability as an area of progress, attributing the state’s reported low food inflation to efforts to mobilise young people into agriculture and improve access to locally produced food.
He identified the state-owned Ilu Eye Aggregation and Trading Company Limited and the Ounje Ekiti retail initiative as key components of the government’s food intervention strategy.
Oyebanji said the programme was designed to make food available and affordable by selling locally produced rice, beans and garri directly to residents.
He added that plans were underway to establish additional retail outlets at local government headquarters across the state.
The governor said the initiatives were part of broader efforts to strengthen agricultural production, improve food distribution and support household welfare.
On workers’ welfare, Oyebanji disclosed that his administration had disbursed N11.7 billion in gratuities to 3,642 state pensioners.
He also said N36.6 billion had been paid as monthly pensions to state retirees between October 2022 and August 2026, while N1.14 billion was used to clear pension arrears covering July to September 2018.
For local government retirees, the governor said N7.78 billion had been disbursed to 2,659 beneficiaries, while N35.7 billion had been paid in monthly pensions to 11,524 retirees.
He presented the payments as part of the administration’s efforts to meet its obligations to pensioners and improve their welfare.
In his remarks, the Speaker of the Ekiti State House of Assembly, Adeoye Aribasoye, praised the working relationship between the executive and legislative arms of government, saying it had facilitated lawmaking and governance.
Aribasoye said democracy worked best when both arms operated as partners in fulfilling the mandate given to them by the electorate.
He commended Oyebanji for delivering a modern Assembly complex and cited the digitalisation of legislative operations, improved staff welfare and the Assembly’s international recognition as notable achievements.
The address, delivered in line with the state’s accountability process, was the last State of the State Address of Oyebanji’s current four-year tenure.
Those present included Deputy Governor Monisade Afuye, First Lady Olayemi Oyebanji, Secretary to the State Government Habibat Adubiaro, Chief of Staff Oyeniyi Adebayo, former Deputy Governor Modupe Adelabu, traditional rulers, political leaders and other dignitaries.
The Speakers of the Jigawa, Benue and Sokoto State Houses of Assembly — Haruna Dangyatin, Alfred Emberga and Tukur Bodinga respectively — also attended the event.
