Ekiti State Governor, Biodun Oyebanji, presented a budget estimate of N375,790,077,618.15 for the 2025 fiscal year, emphasizing strategic investments in food security, employment generation, and wealth creation.
The Governor introduced the Appropriation Bill at the State House of Assembly in Ado-Ekiti, noting that the budget was structured to drive his administration’s Shared Prosperity agenda and was prepared according to global best practices.
Oyebanji’s presentation earned him commendation from the Assembly, led by Speaker Rt. Hon. Adeoye Aribasoye, who praised the Governor’s prudent financial management, citing the outgoing 2024 Budget’s execution without any internal or external borrowing.
Budget breakdown
In his presentation, Oyebanji revealed that the budget earmarked N192.3 billion, or 51% of the total, for recurrent expenditures, while N183.5 billion, or 49%, was allocated to capital projects.
- This allocation, he explained, aims to balance operational costs with critical development projects.
“The Recurrent Expenditure includes Personnel Cost, Overhead Cost, Social Contributions and Benefits, Debt Service, and Grants,” Oyebanji explained. “On the other hand, the Capital Expenditure is directed toward infrastructure and other essential developmental projects.”
- This budget differs from the 2024 allocation of N150.6 billion, of which N88.9 billion went to recurrent costs and N70.6 billion to capital spending.
According to the Governor, the increased allocation is necessary to sustain growth and complete ongoing projects across Ekiti State.
Focus on agriculture empowerment
Governor Oyebanji emphasized that the 2025 budget aims to build on the achievements of the previous year, particularly in enhancing food security, supporting micro, small, and medium-sized enterprises, and creating job opportunities for youth and women.
- He stated that the agricultural sector would receive significant attention, with a focus on grants for farmers and entrepreneurs.
“Our objective is to create sustainable prosperity and grow the economy by equipping our people with requisite skills, creating jobs for our youth and women, and broadening opportunities through information technology,” Oyebanji stated. “This budget seeks to make Ekiti State the preferred destination to live, work, and invest.”
Infrastructure development
A significant portion of the 2025 budget has also been allocated for the completion of ongoing infrastructure projects, alongside provisions for the proposed new minimum wage.
Oyebanji reassured that the administration would continue its efforts to address the infrastructure deficit while fostering an investor-friendly environment to boost the state’s Gross Domestic Product (GDP).
“We are committed to providing essential public infrastructure for sustainable economic growth,” the Governor said. “Accordingly, we will prioritize ongoing infrastructural projects across the State to ensure they are completed on schedule.”
Call for accountability
Speaker Rt. Hon. Aribasoye called upon all Assembly members to delay any travel plans and devote their time to the Appropriation Bill’s review, “We must ensure that every Naira allocated serves the interests of Ekiti people,” Aribasoye asserted.
He urged his colleagues to conduct a thorough examination of the budget proposal.
“We must ensure that every Naira allocated serves the interests of Ekiti people,” Aribasoye asserted. “We are champions of accountability and stewards of public trust, and we must ensure the budget reflects the aspirations of the people.”
Governor Oyebanji expressed appreciation for the “overwhelming support” from the people of Ekiti and acknowledged the federal support provided by President Bola Ahmed Tinubu, which he described as crucial to his administration’s success.