OYEBANJI PRESENTS N375 BILLION BUDGET ESTIMATE FOR 2025.

OYEBANJI PRESENTS N375 BILLION BUDGET ESTIMATE FOR 2025.

...Gets lawmakers' applause for zero borrowing in 2024.

Ekiti State Governor, Mr. Biodun Oyebanji on Tuesday presented a budget estimate of N375,790,077,618.15 for the 2025 fiscal year with special focus on food security, employment generation and wealth creation.

Presenting the Appropriation Bill before members of the Ekiti State House of Assembly at the Assembly Complex, Ado- Ekiti, Oyebanji explained that the budget estimate was prepared in line with global best practices to drive the Shared Prosperity agenda of his administration.

The Governor received a special applause from the state legislators led by the Speaker, Rt. Hon. Adeoye Aribasoye, for executing the outgoing 2024 Budget without borrowing either internally or externally and recording a commendable budget performance for the year.

According to the 2025 budget estimate laid before the state parliament, N192,326,570,488.61 representing 51 per cent of the total amount budgeted was set aside for recurrent expenditure, while N183,463,507,129.54 representing 49 per cent of the estimate was earmarked as capital expenditure.

This was in contrast to the size of the Budget for the 2024 fiscal year of N150,575,481,915.00 out of which N88,952,583,682.410 was recurrent expenditure and N70,619,898,233.20 was capital expenditure.

Governor Oyebanji noted that the Recurrent Expenditure include Personnel Cost, Overhead Cost, Social Contributions and Benefits, Debt Service and Grants while Capital Expenditure relates to the cost of infrastructure and other developmental projects. 

The Governor explained that the preparation of the budget was equally in line with the inclusive governance policy of his administration after receiving inputs from all communities during the town hall meetings in the three senatorial districts of the state.

According to him, the 2025 budget estimate was carefully prepared to consolidate on the gains of the 2024 Budget by improving the agriculture sector to enhance food security, provide grants to business owners and boost micro, small and medium enterprises.

The Governor further assured that provision has been made in the 2025 Budget to accommodate the proposed new minimum wage, while attention would also be given to the completion of ongoing infrastructure projects embarked upon by his administration in different parts of the state. 

Aside thanking Ekiti people for their “overwhelming support “ for his administration, Governor Oyebanji also thanked President Bola Ahmed Tinubu for what he described as the President’s “strong support “ for his administration. 

The Governor also listed some of the projects to be given top priority in the 2025 budget to include some road projects and water and sanitation projects. 

He said: "The proposed 2025 Budget will focus on food security, wealth creation and welfare of our people. It is important to reiterate that our Shared Prosperity agenda is hinged on six strategic pillars, which cut across all the sub-sectors of the economy.

"Our objective is to create sustainable prosperity and grow the economy by equipping our people with the requisite skills, creating jobs for our youths and women, and exposing them to information communication technology and expanding the range of opportunities available for everyone. 

"We are poised to sustain and create more conducive environment for investors and make Ekiti State the preferred destination to live, work, and invest.

"While we are making concerted effort to bridge the infrastructure deficit, we are also poised to create the enabling environment for investors in the State to increase our Gross Domestic Product (GDP). 

"Therefore, I wish to reiterate the commitment of our administration to provide basic and essential public infrastructure for sustainable economic growth. Accordingly, we shall focus on completing on-going infrastructural projects across the State in the coming year."

In his remarks, the Speaker, Rt. Hon. Aribasoye, urged all members of the Assembly to suspend their proposed journeys in order to give full attention to urgent duties before them including the consideration of the Appropriation Bill.

The Speaker said the consideration of the Appropriation Bill provides  the legislators ample opportunity to align their fiscal decisions with the aspirations and welfare of the people they represent urging them to commit themselves to the task in the interest of the people.

Rt. Hon. Aribasoye charged his colleagues to engage in the thorough scrutiny of the Budget proposal through the Standing Committees calling upon the Ministries, Department and Agencies to be ready to defend their proposals

He said: "We must ensure that every Naira allocated serves the interest of the people of Ekiti State and we must be champions of accountability and stewards of public trust. We must ensure that the Budget represents the aspirations of Ekiti people."

The ceremony was attended by the Deputy Governor, Chief (Mrs) Monisade Afuye; the Secretary to the State Government, Dr. Habibat Adubiaro; Head of Service, Dr. Folake Olomojobi; members of the State Executive Council, former Assembly members and traditional rulers led by the Ewi of Ado Ekiti, Oba Adeyemo Adejugbe.