Ekiti State Governor Biodun Oyebanji presents an 18 percent higher 2027 budget proposal to the House of Assembly.
Ekiti State Governor Biodun Oyebanji has formally presented a proposed budget of N490.74 billion for the 2027 fiscal year to the Ekiti State House of Assembly in Ado Ekiti.
The governor announced that the fiscal plan, christened the Budget of sustainable progress and prosperity, aims to consolidate the achievements of his administration during the first year of his new term.
Representing an 18 percent increase compared to the previous year, the financial blueprint prioritizes infrastructure, agriculture, and citizens' welfare, according to information published by The Sun Nigeria.
Ekiti 2027 Capital and Recurrent Expenditure Breakdown
Governor Oyebanji explained that the recurrent expenditure will gulp N275.68 billion, representing 56 percent of the total budget size, while the capital expenditure stands at N215.06 billion, accounting for 44 percent.
The proposed spending plan exceeds the approved 2026 budget of N415.57 billion. Substantial capital provisions will directly support infrastructure development, agriculture, and wealth creation across the state.
Specifically, the economic sector received a major allocation of N147.98 billion, which represents 69 percent of the total capital budget, covering roads, electricity, and farm settlements.
Revenue Sources and Internally Generated Revenue Growth
Funding for the N490.74 billion appropriation bill will rely on multiple streams, including opening balances, federal allocations, value added tax, independent revenue, external grants, and planned loans.
The governor highlighted a remarkable growth in the state's Internally Generated Revenue, which surged from N13 billion in 2022 to over N55 billion in 2025, bolstering financial independence.
He also praised President Bola Ahmed Tinubu for national economic reforms that significantly boosted federation account revenues and supported the state's financial performance.
Core Objectives of the Ekiti Appropriation Bill
Designed around statewide consultations, the budget aligns with the Ekiti State Development Plan 2021-2050, the Medium-Term Expenditure Framework, and the administration's six strategic policy pillars.
Key objectives include enhancing budget execution, promoting transparency through open administration, delivering quality education, and strengthening agribusiness to guarantee food security across local communities.
Speaker of the Assembly, Rt. Hon. Adeoye Aribasoye, commended the governor's purposeful leadership and expressed confidence in the prudent implementation of public funds.
Frequently Asked Questions
What is the total value of the Ekiti State 2027 budget proposal?
Governor Biodun Oyebanji proposed a total budget of N490.74 billion for the 2027 fiscal year to the Ekiti State House of Assembly.
How much is allocated to capital expenditure in the 2027 budget?
The proposed capital expenditure is N215.06 billion, representing 44 percent of the total budget size, with a strong focus on infrastructure and agriculture.
What are the main focus areas of the Ekiti State 2027 budget?
The budget focuses on infrastructure development, agriculture and food security, health, education, youth skills, job creation, and e-governance.
How has Ekiti State's Internally Generated Revenue improved recently?
The state's Internally Generated Revenue grew significantly from N13 billion in 2022 to over N55 billion by 2025.
