On Tuesday, Ekiti State Governor, Biodun Oyebanji, presented a comprehensive budget proposal for the year 2025 amounting to N375.79 billion before the State House of Assembly. The initiative focuses on significant investments aimed at enhancing food security, bolstering infrastructure, and fostering economic growth within the state. The budget is strategically split, with N192.3 billion (51%) allocated for recurrent expenses and N183.5 billion (49%) designated for capital projects. Governor Oyebanji emphasized that this budget proposal builds upon the achievements of his administration in the previous year, referring to specific completed and ongoing projects detailed during his State of the State address delivered on October 16.
Governor Oyebanji elucidated the diversely sourced funding architecture underpinning the proposed budget. It is to be financed through various channels including federal allocations, Value Added Tax (VAT), internally generated revenue from Ministries, Departments, and Agencies (MDAs), tertiary institutions, as well as support from international donor agencies and other miscellaneous sources. By outlining this funding strategy, the governor aims to ensure a comprehensive fiscal framework that is grounded in stability and sustainability, which is critical for the execution of the proposed projects and initiatives.
The core objectives of the 2025 budget are organized around six strategic pillars that are deemed essential for Ekiti’s overall development. These areas encompass governance, youth development and job creation, human capital development, agriculture and rural development, infrastructure and industrialization, and promotion of arts, culture, and tourism. Governor Oyebanji articulated that the budget is fundamentally structured to promote sustainable prosperity in increments aimed at enhancing local food production, creating job opportunities, and integrating skill development initiatives that would ultimately serve to accelerate economic growth.
In his address, the governor reaffirmed his administration’s dedication to implementing global best practices in governance, with a strong emphasis on fiscal sustainability and transparent governance. He underscored the importance of supporting the informal sector and creating an enabling environment conducive for business ventures. To augment small and medium-sized enterprises (SMEs), he announced various empowerment initiatives including grants and access to credit facilities for cooperatives which would bolster local business capabilities and growth potential.
Expanded revenue generation strategies also emerged as a key focus of Oyebanji’s budget proposal. Plans were unveiled to enhance the operational efficacy of the Ekiti State Internal Revenue Service alongside other revenue-generating MDAs, aimed at improving revenue collection systems and diversifying income streams. The governor detailed future initiatives concentrated on agriculture for local food security, boosting the healthcare sector, developing youth engagement programs, and fostering a technology-driven, efficient public service that could respond innovatively to the needs of the populace.
In closing, Speaker Adeoye Aribasoye commended Governor Oyebanji for his administration’s accomplishments over the past two years, reinforcing the assembly’s commitment to prioritizing the significance of this budget. The Speaker indicated that the assembly was willing to sacrifice its scheduled recess to expedite the review and passage of the budget, highlighting the urgency for policymakers to sustain the momentum of development initiatives in Ekiti State. This collaborative approach signifies the legislature’s focus on accountability and transparent governance, which are pivotal for realizing the aspirations outlined in the governor’s budget proposal.
