The Ekiti State Government has reaffirmed its commitment to financial discipline, announcing that it has not borrowed funds for project financing despite unveiling a ₦375.7 billion budget for 2025. This was disclosed on Thursday during a public presentation of the budget breakdown at Jibowu Hall, Government House, Ado-Ekiti. The Commissioner for Budget and Economic Planning, Mr Femi Ajayi, highlighted that the “Budget of Sustainable Impact” aligns with the state’s six development pillars and the 30-year development plan, aiming to drive sustainable growth and shared prosperity.
Ajayi explained that the 2025 budget is expected to be funded through various revenue streams, including federal allocation (45%), Value Added Tax (15%), grants from development partners (21%), state-generated revenue (8%), and a 7% provision for specific capital projects. He emphasised that the state has prioritised financial discipline to ensure efficient spending while reducing its existing debt profile. His remarks were echoed by the Commissioner for Finance, Mr Akintunde Oyebode, who described the budget presentation as part of the administration’s commitment to fiscal transparency and accountability.
The event also featured insights from the Chief of Staff to the Governor, Mr Niyi Adebayo, who noted Ekiti’s remarkable progress in internally generated revenue, attributing it to Governor Biodun Oyebanji’s transparent fiscal policies. He stated that the state’s financial strategies have been so effective that other states are studying Ekiti’s revenue model. The presentation was attended by key government officials, traditional rulers, journalists, and financial institution representatives, who engaged in an interactive session to further analyse the budget’s impact on the state’s development.