Ekiti State Governor, Biodun Oyebanji, has presented a N490.74 billion budget proposal for the 2027 fiscal year to the State House of Assembly.
Oyebanji presented the budget, tagged “Budget of Sustained Progress and Prosperity,” on Thursday at the Assembly complex in Ado-Ekiti, as the state marked its 30th anniversary.
The governor described the occasion as historic, noting that he is the first democratically elected governor of Ekiti State to hand over to the same government for another four-year term.
He also thanked residents for re-electing him with more than 85 per cent of the votes cast in the June 2026 governorship election, promising to deliver more dividends of democracy during his second term.
Reviewing the 2026 budget, Oyebanji said the approved estimate stood at N415.57 billion, comprising N221.87 billion for recurrent expenditure and N193.69 billion for capital expenditure.
He said the state recorded actual revenue of N218.97 billion as of June 30, 2026, representing 105 per cent performance against the pro-rated target.
According to him, the increase in revenue was driven by tax reforms, improved Federal Account Allocation Committee (FAAC) receipts, the Infrastructure Support Fund and growth in the state’s internally generated revenue from N13 billion in 2022 to over N55 billion in 2025.
The governor said total expenditure stood at N163.6 billion as of June, representing 79 per cent performance.
For 2027, he projected revenue from an opening balance of N33.36 billion, Federal Allocation of N139.85 billion, VAT of N89.12 billion, independent revenue of N59.71 billion, external grants of N158.67 billion and a N10 billion loan plan.
The proposed expenditure comprises N275.68 billion for recurrent spending and N215.05 billion for capital expenditure, representing a 56:44 ratio.
Oyebanji said the capital allocation would focus on key sectors, including agriculture, infrastructure, tourism, social development, administration, law and justice.
He listed some major projects for the second term as the completion of the Ado-Ekiti flyover, rehabilitation of township roads, construction of new general hospitals, agricultural land clearing, expansion of broiler production, and construction of a new state library and modern secretariat.
The governor urged the lawmakers to consider and pass the appropriation bill in time for implementation from January 1, 2027.
He also expressed appreciation to President Bola Tinubu for supporting the state, saying federal reforms had contributed to increased revenue accruing to Ekiti.
