Governor Biodun Oyebanji of Ekiti State, on Thursday presented a proposed budget of N490,740.20 billion for the 2027 fiscal year to the Ekiti State House of Assembly, describing it as a roadmap for consolidating the gains of his administration and sustaining the development trajectory of the state.
The Governor said the 2027 budget, christened “Budget of sustainable progress and prosperity”, which represented the policy direction of his administration for the first year of its new four-year term and was designed to address the need and aspiration of the people is made up of a Recurrent Expenditure of N275.68 billion, representing 56 percent of the total budget size, and a capital Expenditure of N215.06 billion, representing 44 percent of the total budget.
The proposed 2027 budget is about 18 percent higher than the approved 2026 budget of N415,57 billion, which had N221.87 billion allocated to recurrent expenditure and N193.70 billion capital expenditure.
Presenting the budget proposal before members of the Ekiti State House of Assembly in Ado Ekiti, Governor Oyebanji said the 2027 budget was designed to consolidate ongoing development initiatives, complete priority projects and address the need and aspiration of the people.
The 2027 budget according to the Governor would focus on infrastructure development, agriculture and food security, health, education, youth skills and innovation, job creation, e-governance and technology, as well as the completion of ongoing projects across the state
The Governor, who said substantial provision for capital expenditure would support infrastructure development, agriculture and wealth creation, with the economic sector receiving N147.98 billion, representing 69 percent of the capital budget, hinted that the allocation would cover clearing and tractorisation, livestock development, farm settlement, farmstead roads, electricity and road infrastructure, among others.
Oyebanji, who explained that the revenue sources expected to fund the N490.740 billion include opening balance, federal allocation, value added tax, independent revenue, external grants drawdown and planned loan, expressed optimism about the state’s revenue outlook, noting that the internally generated revenue had grown from N13 billion in 2022 to over N55 billion in 2025.
The Governor explained that the 2027 budget was a product of statewide consultation, guided by the Ekiti State Development Plan 2021-2050, the Medium-Term Expenditure framework 2027-2029 and the six pillars of his administration
He added that the budget was also prepared in line with the national Chart of Accounts and other development framework and meant the global best practice
Oyebanji also commended President Bola Ahmed Tinubu for the economic reforms of the federal government, noting that the reforms alongside VAT and federation account revenues, contributed to the state’s revenue performance, added that the state recorded actual revenue of N218.97 billion between January and June 2026, which represent 105 percent of the prorated target for the period
Highlighting the objectives of the 2027 budget, the Governor said it will
promote and enhance Budget realism and execution by improving the State’s Internally Generated Revenue through various measures, further promote transparency and accountability by engaging citizens through open administration partnership, provide qualitative education, strengthen agribusiness and promote adequate and quality health services.
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