Ekiti State Governor, Biodun Oyebanji, is set to present a proposed budget of ₦490,740,209,860.38 for 2027 to the Ekiti State House of Assembly. This move follows the approval of the budget by the State Executive Council. The budget preparation process involved collaboration with Ministries, Departments, and Agencies (MDAs) as well as input from stakeholders gathered during Town Hall Meetings across the state's three Senatorial Districts.
The proposed 2027 budget prioritizes key sectors, including social, economic, and administrative areas. Social sector priorities include education and healthcare delivery, while the economic sector focuses on infrastructure, agriculture, food security, and job creation. The administrative sector is geared towards governance and effective public administration. This budget aims to consolidate the administration's achievements while providing resources for new programs and projects.
The budget aligns with the Ekiti State Development Plan 2021–2050, the 2027–2029 Medium-Term Expenditure Framework, and the six pillars of the administration, as well as the work plans of MDAs. The budget was prepared based on key macroeconomic assumptions, including an oil price benchmark of US$60 per barrel and an exchange rate of ₦1,400 to US$1. Other assumptions include crude oil production of 1.75 million barrels per day and a national inflation rate of 15.90 percent.
The proposed 2027 budget has a total size of ₦490,740,209,860.38, representing an 18 percent increase over the 2026 budget. The budget comprises ₦275,682,448,040.02 in recurrent expenditure and ₦215,057,961,820.36 in capital expenditure, reflecting a 56:44 recurrent-to-capital ratio. This budget breakdown indicates a significant allocation towards capital projects, which is expected to drive growth and development in the state.
According to the Commissioner for Information, Taiwo Olatunbosun, the budget provides for government receipts and planned expenditure for the 2027 fiscal year. The programs and projects outlined in the document are consistent with the six pillars of the administration. The State Executive Council has approved the presentation of the ₦490.74 billion 2027 Appropriation Bill to the Ekiti State House of Assembly for legislative processing and passage.
The presentation of the budget proposal to the Ekiti State House of Assembly marks a significant step in the state's legislative process. The Assembly will review and consider the proposal before passing it into law. The governor's administration has emphasized its commitment to transparency and accountability in the budget preparation process, which involved extensive stakeholder engagement.
The passage of the 2027 budget is expected to have a positive impact on the state's economy and the lives of its citizens. With a focus on infrastructure, agriculture, education, and healthcare, the budget aims to drive sustainable development and improve the overall well-being of Ekiti State residents. Key sectors such as infrastructure and agriculture are expected to receive significant attention.
Key points
- The proposed 2027 budget for Ekiti State is ₦490.74 billion, representing an 18 percent increase over the 2026 budget.
- The budget prioritizes social, economic, and administrative sectors, with a focus on education, healthcare, infrastructure, agriculture, and job creation.
- The budget aligns with the Ekiti State Development Plan 2021–2050 and the six pillars of the administration.
