Governor Oyebanji: Bridging Ekiti’s Development Gaps Through Revolutionary Fiscal Reforms.
By HC Ade
Across the world, economic development does not occur by accident people make it happen. Citizens make it happen by electing visionary leaders with the capacity to harness and prioritize both natural and human resources toward collective prosperity. In Ekiti State, the last three years have reflected this truth, with Governor Biodun Oyebanji’s administration recording remarkable progress across multiple sectors.
Ekiti’s economic indicators tell a compelling story. The state’s GDP has grown from ₦2.4 trillion in 2019 to ₦4.6 trillion in 2023 an impressive 90% increase. Internally Generated Revenue (IGR) has also surged from ₦650–₦700 million monthly in 2022 to over ₦2 billion monthly as of the third quarter of 2025. This growth is driven by institutional reorganization, digital transformation, and an increasingly conducive business environment. Unsurprisingly, Ekiti topped the 2023 Annual Growth Rate Ranking with a 75% jump in IGR from ₦17.03 billion in 2022 to over ₦35 billion in 2025.
Agriculture remains the nucleus of the state’s economic transformation. Through strategic investments such as the Bring Back Youth into Agriculture scheme, the Agricultural Processing Zone, and revived farm settlements, the sector continues to expand. As of Q3 2025, trade and Foreign Direct Investment (FDI) contributed over 37% to the state’s GDP. The Knowledge Economy Project alone secured $80 million in funding from the African Development Bank, strengthening its implementation.
Discipline and strict adherence to fiscal policies have served as the administration’s catalytic strategy. These policies ranging from revenue generation reforms to expenditure management have addressed development deficits through deliberate measures such as:
●Attractive tax incentives
●Tax administration reforms
●Improved non-tax revenue
●Budget prioritization
●Public-Private Partnerships
●Conditional grants from federal and international bodies
●Promotion of Special Economic Zones (SEZs)
●Intensified infrastructure upgrades
These efforts collectively support accessible education, quality healthcare, job creation, and economic empowerment.
On October 10th, the Governor presented the 2026 Budget of Impactful Governance to the State House of Assembly. The estimated ₦415.57 billion budget allocates ₦221.87 billion (53%) to recurrent expenditure and ₦193.70 billion (46%) to capital expenditure an 11% increase over the approved 2025 budget. This budget prioritizes the completion of all ongoing infrastructural projects across the state.
A broad analysis of Ekiti’s developmental trajectory considering factors such as Ease of Doing Business, IGR, GDP, Gross State Product (GSP), Per Capita Income (PCI), and Poverty Ratio (PR) reveals consistent upward movement. These gains stem from enhanced security, political stability, strengthened agricultural output, improved infrastructure, and disciplined fiscal management.
With the 2026 budget focusing on agriculture, value-chain expansion, and wealth creation, the administration is reinforcing its Shared Prosperity agenda and aligning with the State Development Plan (2021–2050), the Medium-Term Expenditure Framework (2026–2028), and the Six Pillars of Governance.
IGR continues to rise steadily: ₦17.03 billion in 2022, ₦29.82 billion in 2023 (75% growth), and ₦35.21 billion in 2024 ranking Ekiti 21st nationally. This performance reflects rising public trust, expanded tax nets, and increased enrollment in state-owned tertiary institutions.
Agriculture and food security remain the administration’s strongest interventions. The governor’s reforms have deliberately separated agricultural development from food security to strengthen both. Initiatives include:
●Revived farm settlements and tractorization
●The Bring Back Youth into Agriculture scheme
●Cluster farming models
●Subsidized seeds and agrochemicals
●Mechanized farming expansion
●Poultry and livestock support schemes
●Ilu Eye Agro-Trading to stabilize food prices
●Ounje Ekiti marketplace platforms
●Establishment of aggregation centers
These programs operate through a four-layer pyramid:
1. Small-holder farmers
2. Cooperative and cluster farmers
3. Individual large-scale farmers
4. Agribusiness companies across value chains
With the upcoming implementation of the 2025 Tax Reform Act, strengthened revenue systems, and deepened agricultural investment, Ekiti’s fiscal policies are clearly delivering transformative results.
Under Governor Oyebanji, Ekiti has become a reference point among Nigerian states its GDP now surpassing that of some West African nations. The state’s enhanced business environment, infrastructural expansion, and economic reforms stand as testament to visionary, deliberate, and impactful governance.
HC Ade writes from Atinkankan, Ado-Ekiti.