Ekiti State Governor Biodun Oyebanji, on Thursday, presented a N490.74 billion budget estimate for the 2027 fiscal year to the State House of Assembly in Ado-Ekiti. The presentation coincided with activities marking the 30th anniversary of the creation of Ekiti State. Oyebanji described the presentation as historic, noting that he is the first democratically elected governor in the state to transfer power to the same government for another four-year term.
Oyebanji thanked the people of Ekiti for re-electing him with over 85 per cent of the votes cast in the June 2026 governorship election, pledging to deliver greater dividends of democracy in his second term. He reviewed the 2026 Budget of Impactful Governance, stating that the approved budget size was N415.57 billion, comprising N221.87 billion recurrent and N193.69 billion capital expenditure, adding that it was faithfully implemented.
According to Oyebanji, as of June 30, 2026, actual revenue stood at N218.97 billion, representing 105 per cent of the pro-rated target, driven by President Bola Tinubu’s tax reforms, improved FAAC allocation, the Infrastructure Support Fund and growth in Internally Generated Revenue from N13 billion in 2022 to over N55 billion in 2025. This revenue growth enabled the government to spend N163.6 billion, representing 79 per cent performance against the pro-rated target.
For 2027, Oyebanji said revenue would come 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 loan plan of N10 billion. The governor outlined recurrent expenditure at N275.68 billion and capital expenditure at N215.05 billion, representing a 56:44 ratio.
The capital allocation reflects the six pillars of his administration, with N147.98 billion for the economic sector covering agriculture, infrastructure and tourism, N32.57 billion for the social sector, N31.64 billion for administration, N2.84 billion for law and justice, and funds for regional collaboration. Oyebanji listed key projects including completion of the flyover in Ado-Ekiti, rehabilitation of township roads, construction of new general hospitals, agricultural land clearing, broiler expansion and construction of a new State Library and modern secretariat.
Oyebanji urged the Assembly to give the appropriation bill timely consideration to ensure implementation from January 1, 2027. He expressed gratitude to President Tinubu for his support, which he said boosted revenue accruing to the state. The governor emphasized that his administration will strive more in the second term to deliver greater dividends of democracy to the people.
The presentation of the 2027 budget estimate marks a significant milestone in Oyebanji's administration, as he seeks to build on the progress made in his first term. With a focus on sustained progress and prosperity, the governor's budget plan aims to address the needs of the people, create job opportunities, and drive economic growth in Ekiti State.
Key points
- Ekiti State Governor Biodun Oyebanji presents a N490.74 billion budget estimate for 2027.
- The budget, christened "Budget of Sustained Progress and Prosperity", aims to deliver greater dividends of democracy to the people.
- Oyebanji's administration will focus on key projects, including infrastructure development, healthcare, and economic growth initiatives.
