Ekiti State has projected an N8.8 trillion GDP for 2026, outlined in its ₦415.572 billion “Budget of Impactful Governance” presented on Wednesday.
Budget and Economic Planning Commissioner Femi Ajayi presented the budget highlights, emphasising its focus on strengthening the state’s economy through strategic interventions in agriculture, arts, education, infrastructure, tourism, and the informal sector. He stated that the budget reflects the administration’s commitment to fiscal prudence and economic reforms to unlock potential opportunities.
Ajayi stated the budget aligns with the 2026-2028 MTEF and 30-year Development Plan. He explained that the MTEF enables efficient resource allocation toward project completion over the medium term, incorporating key parameters and macroeconomic projections based on current conditions, with a projected ceiling of ₦570,048,520,552.00 for the year.
He added that the fiscal document contains the blueprints to achieve the administration’s vision of Shared Prosperity by adopting a zero-based budgeting approach and focusing on completing all ongoing projects to improve the economy.
The Commissioner disclosed that the revenue to finance the 2026 budget would be sourced from the state revenue estimate for the year, 30 per cent federal allocation, 19 per cent Value Added Tax (VAT), 29 per cent from Grants from Domestic and Foreign Development partners, 11 per cent State Independent revenue, and 2 per cent loan from domestic or foreign borrowing.
The budget’s recurrent expenditure is allocated as follows: personnel costs (28%), overhead (28%), grants and subsidies (18%), and debt servicing (0.2%), among other expenses. Capital expenditure by sector includes economic (72%), administrative (13%), social (14%), and law and justice (1%). Ajayi also revealed that the capital expenditure based on the six pillars of the administration includes governance, 9 per cent; agriculture and rural development, 22 per cent; arts, culture and tourism, 1 per cent; youth development and job creation, 2 per cent; human capital development, 9 per cent; and infrastructure and industrial development, 57 per cent.
Ajayi reaffirmed the commitment of the Biodun Abayomi Oyebanji administration to fiscal accountability and transparency to achieve fiscal sustainability and macro-fiscal objectives of the government.
He said the government remains committed to sustainable growth and development, aimed at improving the well-being of the people by providing safety nets to cushion the impact of any reform measures on the vulnerable segments of the population.
He added that through the Six Pillars, the present administration will sustain the philosophy of shared prosperity as well as ensure that all sectors of the economy will be addressed within the ambit of the available resources.
Earlier, the Governor’s Chief of Staff, Niyi Adebayo, praised Governor Oyebanji for giving the push needed to drive the state’s rapid development through various people-friendly reforms and programs.
Adebayo said the success of the past budgets under the administration was hinged on the government’s policy of inclusivity through responsible and responsive governance, promotion of fiscal transparency and accountability essential to the shared prosperity agenda of the government.
