By Ayodele Oni
Ekiti State Governor, Mr Biodun Oyebanji, on Friday presented a budget estimate of N415.57 billion for the 2026 fiscal year which is expected to focus on consolidating the various achievements recorded by his administration in the last three years.
The 2026 Budget Estimate of Ekiti State which was christened “Budget of Impactful Governance” is made up of a Recurrent Expenditure of N221.87 billion representing 53 percent of the total size of the budget and a Capital Expenditure of N193.70 billion, which translates to 46 per cent of the total size.
The Ekiti budget proposal for the 2026 fiscal year is about 11 percent higher than the approved 2025 budget, which stood at N375.79 billion and which had N252.15 billion as its Recurrent Expenditure and N104.51 billion as Capital Expenditure.
Laying the budget proposal before members of Ekiti State House of Assembly during a plenary held at the Old Assembly Complex, Ado-Ekiti, Governor Oyebanji said the 2026 Budget was tailored towards the completion of all ongoing infrastructural development projects.
The 2026 Budget, according to the Governor would also focus on investing in agriculture and related value chain and will address wealth creation, as well as welfare of the people to further ensure the fulfillment of the Shared Prosperity agenda of his administration.
The planned substantial investment on agriculture and wealth creation were aimed at generating employment, stabilizing food prices, assuring food security and boosting the contribution of agriculture to the state’s Gross Domestic Product.
Governor Oyebanji explained that the revenue sources expected to fund the budget size of N415.57 billion include Federal Allocation, Value Added Tax (VAT), Independent Revenue (from MDAs and Tertiary Institutions), International Donor Agencies and other sundry income sources.
Oyebanji 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 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 explained that the 2026 Budget stemmed from the State Development Plan, 2021-2050, Medium Term Expenditure Framework (MTEF), 2026–2028 and the Six Pillars of his Administration, and 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).
He pledged the Government’s commitment to ensure fiscal responsibility towards the implementation of 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.
The Governor noted that probity, transparency and accountability have been the hallmark of governance in Ekiti State under his watch which he described as necessary in 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 utilization of our commonwealth to implement laudable developmental projects.
“These projects are not only impactful, they will set our State on the path of realizing 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 institutionalized several fiscal reforms at the State and the Local Government levels for quality service delivery. These reforms are already paying off.”
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 the 2026 Appropriation Bill 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 noting that “with united effort, we can sustain the momentum of reforms, catalyze 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.
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