Governor Biodun Oyebanji celebrates massive economic expansion as Ekiti State GDP heads toward the N8.8 trillion mark.
Ekiti State Governor Biodun Oyebanji has announced a major economic milestone as the administration concludes its four-year tenure in office, with the gross domestic product heading toward an impressive N8.8 trillion.
Speaking on Tuesday in Ado-Ekiti, the governor delivered his annual State of the State Address at the Ekiti State House of Assembly, highlighting significant financial and infrastructure improvements across key sectors of the regional economy.
The comprehensive review detailed a massive leap in internally generated revenue and job creation initiatives, according to information published by The Sun Nigeria.
Ekiti GDP Growth And NBS Statistics
According to reports from the National Bureau of Statistics, the overall state economy experienced a dramatic transformation, moving from N2.4 trillion in 2019 to N4.6 trillion in 2023, before climbing toward the current N8.8 trillion projection.
Governor Oyebanji noted that trade and agriculture remain the primary drivers of this financial expansion, contributing 37 percent and 23 percent respectively to the overall state economy over the evaluated operational periods.
Surging Internally Generated Revenue
The state administration successfully boosted regional financial independence through aggressive institutional reorganisation and the digital transformation of tax administration, raising monthly collections significantly across successive operating years.
Monthly internal revenue collections surged from an average of N650 million in 2022 to reach higher monthly averages, resulting in a cumulative total of N88.4 billion generated over the four-year legislative term.
Agricultural Initiatives And Food Inflation
To combat food inflation, the administration launched youth mobilization programs in agriculture alongside state-owned retail outlets like the Ilu Eye Aggregation and Trading Company Limited to make basic foodstuffs accessible and affordable.
National Bureau of Statistics figures confirmed that Ekiti State recorded the lowest food price inflation rate, driven by targeted government interventions in retail food distribution centers across local government headquarters.
Legislative Support And Pension Disbursements
Speaker Rt Hon Adeoye Aribasoye praised the strong collaborative partnership between the executive and legislative arms, which facilitated impactful governance and progressive policy enactments throughout the four-year tenure.
Additionally, the administration disbursed billions in gratuities and monthly pensions to state and local government retirees, clearing long-standing arrears and supporting vulnerable senior citizens across the entire region.
Frequently Asked Questions
What is the current GDP projection for Ekiti State?
Ekiti State Governor Biodun Oyebanji announced that the state gross domestic product is heading toward an impressive N8.8 trillion mark, based on recent National Bureau of Statistics reports.
How much internally generated revenue did Ekiti State collect?
The administration generated a cumulative sum of N88.4 billion in internally generated revenue over the past four years through digital tax reforms and administrative autonomy.
Who attended the final State of the State Address in Ado-Ekiti?
The event was witnessed by Ekiti State House of Assembly Speaker Adeoye Aribasoye alongside visiting House Speakers from Jigawa, Benue, and Sokoto states.
What measures were taken to reduce food inflation in Ekiti?
The state government established youth agricultural programs and retail outlets like Ilu Eye Aggregation to sell locally produced food items at affordable prices to citizens.
