Ekiti State Governor Biodun Oyebanji on Friday presented a budget estimate of N415.57 billion for the 2026 fiscal year to the Ekiti State House of Assembly.
Christened “Budget of Impactful Governance” it comprises recurrent expenditure of N221.87 billion, representing 53 per cent of the total estimate, and capital expenditure of N193.70 billion, which translates to 46 per cent.
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The budget proposal for the 2026 fiscal year is about 11 per cent higher than the approved 2025 budget, which stood at N375.79 billion and had N252.15 billion as its recurrent expenditure and N104.51 billion as capital expenditure.
Laying the budget before the members of the House of Assembly during a plenary held at the Old Assembly Complex, Ado-Ekiti, Mr Oyebanji said it is expected to focus on consolidating the various achievements recorded by his administration in the last three years.
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He said the budget is tailored towards completing all ongoing infrastructural development projects.
He added that the budget would also focus on investing in agriculture and the related value chain, address wealth creation as well as the welfare of the people to further ensure the fulfilment of the Shared Prosperity agenda of his administration.
Mr Oyebanji said the planned substantial investment in agriculture and wealth creation is aimed at generating employment, stabilising food prices, assuring food security and boosting the contribution of agriculture to the state’s Gross Domestic Product (GDP).
The governor explained that the revenue sources expected to fund the include Federal Allocation, Value Added Tax (VAT), Independent Revenue (from MDAs and Tertiary Institutions), International Donor Agencies and other sundry income sources.
He stated that the 2026 budget estimate was a product of statewide consultations with the representatives of various towns and communities, various interest groups, revered traditional rulers and civil society organisations at town hall meetings held across the three senatorial districts, enabling the people to articulate the needs of their towns, communities and groups for consideration in the budget.
He further explained that the budget stemmed from the State Development Plan, 2021-2050, Medium Term Expenditure Framework (MTEF), 2026–2028 and the Six Pillars of his Administration.
It was prepared in compliance with the National Chart of Accounts (NCoA) Template as unanimously agreed by the sub-nationals through the Nigerian Governors’ Forum (NGF).
The governor pledged the government’s commitment to ensure fiscal responsibility towards implementing the proposed 2026 Budget, which he described as an embodiment of the policy thrust of his administration and direction of the Ekiti State Government in the coming year.
Mr Oyebanji noted that probity, transparency, and accountability are the hallmarks of governance in Ekiti State under his watch, which he described as necessary for upholding good governance and improving the standard of living of the people.
He said: “Distinguished Honourable members, without any fear of contradiction, I make bold to say that our administration has demonstrated a high level of fiscal discipline and prudence in the utilisation of our commonwealth to implement laudable developmental projects.
“These projects are not only impactful, they will set our state on the path of realising the Shared Prosperity vision. I, therefore, affirm my commitment to continued fiscal discipline, transparency and accountability.
“To further promote good governance, we have designed a framework for effective policy formulation and implementation that would further boost the economy of our dear State. We have also institutionalised several fiscal reforms at the state and the local government levels for quality service delivery. These reforms are already paying off.”
Mr Oyebanji also expressed his profound gratitude to President Bola Ahmed Tinubu “for his very strong support to the government and the good people of Ekiti State,” noting that the support has translated to several interventions and has been very helpful in the quest to alleviate poverty in the state and in the delivery of his campaign promises to Ekiti people.
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Reviewing the performance of the 2025 budget, Governor Oyebanji expressed satisfaction with the improvement in its performance, with several projects and programmes being executed.
In his remarks, the Speaker of Ekiti State House of Assembly, Adeoye Aribasoye, assured that the lawmakers would deliberate on the budget with diligence, patriotism, and impartiality to ensure that it reflects the aspirations of the generality of Ekiti people.
The speaker urged his colleagues to act as stewards and work on the budget proposal with integrity, discipline and a shared sense of purpose.
He noted, “With united effort, we can sustain the momentum of reforms, catalyse inclusive growth, and build an Ekiti State where opportunity is within reach for all.”
He also urged heads of MDAs to be prepared to shed light on their respective aspects of the budget when invited.
Mr Aribasoys reaffirmed the pledge of the legislature “that every naira will be accounted for and directed to priority sectors that yield maximum public benefit.”
