The governor of Ekiti state, Biodun Oyebanji, has presented a budget proposal of N375.79bn to the State House of Assembly for the year 2025.
While N192.3bn representing 51 percent is proposed for recurrent expenses, N183.5bn which is 49 percent of the proposed budget is allocated for capital projects.
Oyebanji, who delivered the budget proposal before the Assembly led by the speaker, Adeoye Aribasoye, said it would build on his administration’s achievements in 2024.
The governor stated that details of completed and ongoing projects were presented to the Assembly during the state address on October 16.
He noted that the 2025 budget would be sourced through federal allocations, VAT, internally generated revenue from MDAs and tertiary institutions, international donor agencies and other sundry sources.
According to him, the budget would target initiatives across six strategic pillars essential to Ekiti’s development.
Oyebanji named the strategic pillars as governance; youth development and job creation; human capital development; agriculture and rural development; infrastructure and industrialization; and arts, culture, and tourism.
The Ekiti state governor said the 2025 budget was aimed at promoting sustainable prosperity.
“Our focus is on food security, wealth creation, and welfare. We are committed to equipping our people with the skills needed for economic growth, creating jobs, and positioning Ekiti as a premier destination for work, investment, and living,” he said.
Oyebanji told the Assembly that the proposed budget aligned with global best practices and adhered to policies on fiscal sustainability and open governance.
The governor, who said special emphasis would be placed on supporting the informal sector and providing an enabling business environment, announced plans for empowerment programmes for MSMEs, grants and access to credit facilities for cooperatives.
He promised that his government would strengthen the Ekiti State Internal Revenue Service and other revenue-generating MDAs to enhance revenue collection.
The Speaker, Aribasoye, commended the governor for what his administration had been able to accomplish over the past two years.
He promised that the Assembly would suspend its scheduled recess to speed up deliberations on the budget proposal.
Aribasoye said: “The urgency to review and pass this budget reflects our commitment to sustaining Ekiti’s development.”