The Ekiti State Governor, Biodun Oyebanji presented a budget estimate of N415.57 billion for the 2026 fiscal year, reflecting an 11 percent increase from the 2025 appropriation and signalling a renewed commitment to deepening developmental gains across the state.
According to information published on the Ekiti State Government’s official website on Friday, the 2026 Budget Estimate comprises a Recurrent Expenditure of N221.87 billion, representing 53 percent of the total budget size, and a Capital Expenditure of N193.70 billion, accounting for 46 percent of the total allocation.
Presenting the appropriation bill before the Ekiti State House of Assembly at the Old Assembly Complex, Ado-Ekiti, Governor Oyebanji said the 2026 proposal was structured to complete ongoing infrastructure projects and stimulate key sectors capable of creating jobs and improving livelihoods.
VAT, FAAC others to fund budget
According to the Governor, the revenue sources expected to fund the budget size of N415.57 billion will include Federal Allocation, Value Added Tax (VAT), Independent Revenue (from MDAs and Tertiary Institutions), International Donor Agencies and other sundry income sources.
He also added 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 Organizations at Town Hall Meetings held across the three senatorial districts, which enabled the people articulate the needs of their towns, communities and groups for consideration in the budget.
He further noted that the proposal aligns with the Ekiti State Development Plan (2021–2050), the Medium-Term Expenditure Framework (2026–2028), and his administration’s Six-Pillar Development Agenda, all prepared in compliance with the National Chart of Accounts (NCoA) as agreed by the Nigerian Governors’ Forum (NGF).
Speaker vows to ensure accountability
In his response, the Speaker of Ekiti State House of Assembly, Rt. Hon. Adeoye Aribasoye reaffirmed the pledge of the State legislature “that every naira will be accounted for and directed to priority sectors that yield maximum public benefit.”
He assured that the lawmakers would deliberate on the budget with diligence to ensure that the 2026 Appropriation Bill reflects the aspirations of the generality of Ekiti people.
More insights
According to the 2026 Advanced Proposal and Draft Estimates released by the Ekiti State Government on August 28, 2025, the state plans to further diversify its revenue sources and strengthen the capacity of the Ekiti State Internal Revenue Service (EKIRS) in order to reduce dependence on allocations from the Federation Account.
The document also indicates that the government intends to leverage the newly enacted 2025 Tax Laws, which came into effect on January 1, 2025, to significantly enhance internally generated revenue across key sectors.
What you should know
In the latest data released by the National Bureau of Statistics (NBS), Nigeria’s 36 states and the Federal Capital Territory (FCT) generated a combined N3.63 trillion in Internally Generated Revenue (IGR) in 2024.
The data showed that Internally Generated Revenue (IGR) across Nigeria’s 36 states and the Federal Capital Territory (FCT) rose to a cumulative N10.88 trillion between 2021 and 2024.
