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 budget, christened “Budget of Sustained Progress and Prosperity,” was presented at the Assembly complex, coinciding 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.
“History is being made today, as the first democratically elected Governor to transit power to the same Government in Ekiti State for another four years. It is not only historic but symbolic,” the governor said.
He 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.
Reviewing the 2026 Budget of Impactful Governance, Oyebanji said 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 him, 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.
On expenditure, he said total spending as of June stood at N163.6 billion, representing 79 per cent performance against the pro-rated target, noting that the government opted for a conservative approach and had submitted a revised 2026 budget retaining the original size but re-ordering priorities towards its Shared Prosperity vision.
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, while recurrent expenditure is projected at N275.68 billion and capital expenditure at N215.05 billion, representing a 56:44 ratio.
He said 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.
“Our administration will strive more in the second term to deliver greater dividends of democracy to our people. We will protect their lives and property, provide more amenities and infrastructural needs, create more job opportunities and empowerment,” he said, listing 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.
The governor urged the Assembly to give the appropriation bill timely consideration to ensure implementation from January 1, 2027, expressing gratitude to President Tinubu for his support, which he said boosted revenue accruing to the state.