OYEBANJI PRESENTS N490,740BN 2027 BUDGET TO EKITI ASSEMBLY.
…Says Budget‘ll Consolidate Gains, Deepen Development.
…Commends President Tinubu’s economic reforms.
Ekiti State Governor, Mr. Biodun Oyebanji, on Thursday presented a proposed budget of N490,740.20 billion for the 2027 fiscal year to the Ekiti State House of Assembly, describing it as a roadmap for consolidating the gains of his administration and sustaining the development trajectory of the state.
The Governor said the 2027 budget, christened “Budget of sustainable progress and prosperity”, which represented the policy direction of his administration for the first year of its new four-year term and was designed to address the need and aspiration of the people is made up of a Recurrent Expenditure of N275.68 billion, representing 56 percent of the total budget size, and a capital Expenditure of N215.06 billion, representing 44 percent of the total budget.
The proposed 2027 budget is about 18 percent higher than the approved 2026 budget of N415,57 billion, which had N221.87 billion allocated to recurrent expenditure and N193.70 billion capital expenditure.
Presenting the budget proposal before members of the Ekiti State House of Assembly in Ado Ekiti, Governor Oyebanji said the 2027 budget was designed to consolidate ongoing development initiatives, complete priority projects and address the need and aspiration of the people.
The 2027 budget according to the Governor would focus on infrastructure development, agriculture and food security, health, education, youth skills and innovation, job creation, e-governance and technology, as well as the completion of ongoing projects across the state
The Governor, who said substantial provision for capital expenditure would support infrastructure development, agriculture and wealth creation, with the economic sector receiving N147.98 billion, representing 69 percent of the capital budget, hinted that the allocation would cover clearing and tractorisation, livestock development, farm settlement, farmstead roads, electricity and road infrastructure, among others.
The Governor, who explained that the revenue sources expected to fund the N490.740 billion include opening balance, federal allocation, value added tax, independent revenue, external grants drawdown and planned loan, expressed optimism about the state’s revenue outlook, noting that the internally generated revenue had grown fron N13 billion in 2022 to over N55 billion in 2025.
The Governor explained that the 2027 budget was a product of statewide consultation, guided by the Ekiti State Development Plan 2021-2050, the Medium-Term Expenditure framework 2027-2029 and the six pillars of his administration
The Governor added that the budget was also prepared in line with the national Chart of Accounts and other development framework and meant the global best practice
The Governor also commended President Bola Ahmed Tinubu for the economic reforms of the federal government, noting that the reforms alongside VAT and federation account revenues, contributed to the state’s revenue performance, added that the state recorded actual revenue of N218.97 billion between January and June 2026, which represent 105 percent of the pro-rated target for the period
Highlighting the objectives of the 2027 budget, the Governor said it will
promote and enhance Budget realism and execution by improving the State’s Internally Generated Revenue through various measures, further promote transparency and accountability by engaging citizens through open administration partnership, provide qualitative education, strengthen agribusiness and promote adequate and quality health services.
The Governor also said the budget would further help to realize the vision of his administration which is to make Ekiti State the best place to live, work, visit and invest by year 2050, attract investors, provide incentives to new business owners and employment opportunities, improve local content through skills hunt and development of indigenous labour, enhance the adoption of e-governance and technological innovation in the Public Service and governance for quality service delivery as well as provide tourist-friendly environment and complete all on-going projects.
The Governor said “I am very pleased to stand before you today in this hallowed chamber to present the 2027 Appropriation Bill and Budget Estimates in fulfillment of my Constitutional responsibility as the Governor of our dear State. Mr. Speaker, as the administration prepares to transit into another four-year term, this presentation of the 2027 Appropriation Bill serves as a vital roadmap for the first year of the new tenure. By shared providence, it also coincides with the week of commemoration of our 30th Anniversary as a State.
“The proposed 2027 Budget Estimates reflect the priority needs of our people across towns and communities in Ekiti State. The needs were collected from town hall meetings I held with the people across the three senatorial districts of Ekiti State, , it is also important to note that the 2027 proposed Budget takes its root from the State Development Plan (2021-2050), the Medium-Term Expenditure Framework (MTEF) 2027 – 2029, which had earlier been forwarded to this Honourable House of Assembly, and the Six Pillars of the Administration. The document has been carefully crafted to deepen our collective efforts towards the realization of the strategic goals set out in the State’s Development Plan.
“The proposed 2027 Budget has also been designed to create wealth by providing a friendly atmosphere that will attract external capital, support cooperative societies and empower Micro, Small and Medium Scale Enterprises (MSMES) in the State. This will consolidate on our efforts in making Ekiti State a preferred destination to live, work, invest and relax.
“Mr Speaker, The objectives of the proposed 2027 Budget are to promote and enhance Budget realism and execution by improving the State’s Internally Generated Revenue through various measures thereby, reducing reliance on Federation Account most especially, in meeting recurrent Expenditure. further promote transparency and accountability by engaging citizens through open administration partnership, provide qualitative education by developing the intellectual, moral and social capacity of students and the populace to lead productive lives and contribute meaningfully to the State’s GDP, and strengthen agribusiness by enhancing the competitiveness of domestic food production as well as providing rural employment aimed at food security
In his welcome address, the Speaker of the Ekiti State House of Assembly, Rt. Hon. Adeoye Aribasoye commended Governor Oyebanji for what he described as a steady and purposeful leadership, particularly in the areas of infrastructure, healthcare, education and workers' welfare, noting that the administration's efforts had produced tangible results across the state's 16 Local Government Areas.
Aribasoye expressed confidence that the financial prudence demonstrated in the implementation of the 2026 budget would provide a strong foundation for the consolidation of the state's development gains through the 2027 fiscal year.
He assured that the Assembly would consider the 2027 budget with patriotism, objectivity and thoroughness, stressing that its review would focus on constitutionality, realistic revenue projections, stakeholder engagement, equitable distribution of projects and appropriate prioritisation of recurrent and capital expenditure.
The Speaker also charged accounting officers and heads of Ministries, Departments and Agencies to adequately prepare for the budget defence sessions.
He warned that the House would fully exercise its constitutional powers, insisting that MDAs must provide facts, figures, clear implementation plans and demonstrable evidence of their readiness to execute proposed programmes.
Also at the event were, the Deputy Governor, Chief (Mrs) Monisade Afuye, Wife of the Governor, Dr Olayemi Oyebanji, Head of Service, Dr Folakemi Olomojobi, Chief of Staff, Mr Niyi Adebayo, members of the state house of Assembly and State Executive Council, Royal fathers, among others.
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