The Ekiti state government has recorded an impressive 88 percent performance in its 2024 budget, indicating a significant milestone in the state’s economic development.
The State Commissioner for Budget and Economic Planning, Femi Ajayi disclosed on Thursday in Ado-Ekiti, the Ekiti state capital during the presentation of the breakdown and highlights of the 2025 budget.
Ajayi said that the stellar achievement is a testament to the the Governor Biodun Oyebanji administration’s commitment to effective budget implementation and resource allocation.
The Commissioner noted that the state recorded 92% revenue performance and with 88% expenditure performance in the 2024 budget compared to 2023 budget performance which was 85%.
This, he said, was made possible as a result of the government’s commitment to transparency and accountability driven by effective and efficient budget implementation and strategic resource allocation.
He stated that the budget performance have a corresponding positive impact on the economy, with benefits extended to various sectors as well as communities across the 16 local government areas of the state.
The state had invested heavily in critical sectors including infrastructures, health, education, youth development and jobs creation, agriculture and human capital development to further bring economic prosperity to Ekiti people.
He expressed the hope that the 2025 budget would meet the expectations of residents of the state, noting that the administration was poised to engender sustainable growth of the state economy and further improve the well-being of the people.
According to him, the government in the 2025 budget has earmarked a total of N68.54 billion for the construction and rehabilitation of various roads spread across the 16 local government areas of the state.
Ajayi added that a sum of N1.2 billion was earmarked for the construction of the Ekiti Indoor Sport Hall, just as the government intends to spend N103m for the renovation of the National Youth Service Corps, Camp in Emure Ekiti.
He stated that government intends to spend N2.5 billion on the International Agro-Allied Cargo Airport for its running and maintenance in the 2025 fiscal year.
He said the projection for the 2025 financial estimates is to further enhance government’s policy on the shared prosperity agenda of the administration in tandem with the 2025-2027 medium-term expenditure (MTEF) and the 30-year development plan.
The Commissioner explained that the 2025 budget would be derived from the state revenue estimate for the year particularly, federal allocation, 45%, Value Added Tax (VAT) 15%, Grants from Domestic and Foreign Development partners 21%, State Independent revenue, 8%, and loan plan from domestic or foreign borrowing for the implementation of specific capital projects 7%.
Earlier, the Chief of Staff to the Governor, Mr Niyi Adebayo disclosed that Ekiti has grown in leaps and bounds in internal revenue drive as the state is on the path of economic renaissance through the transparent fiscal policy of Governor Biodun Oyebanji.
Adebayo, who is the immediate past Commissioner for Budget, Economic Planning and Performance Management, commended the Governor for providing leadership and setting the tone and examples that all players in the Ekiti development agenda have been following to bring unparalleled development to the state.
The Chief of Staff also disclosed that since 2023, the state had enjoyed a remarkable and unrivaled improvement in internally generated revenue, leading to many states seeking to understudy the secret behind the state’s revenue drive.
