Adebayo Adenrele
The Ekiti State Executive Council has approved a proposed ₦490.74 billion budget for the 2027 fiscal year, alongside a revised ₦415.57 billion 2026 budget, as part of measures to strengthen fiscal planning, infrastructure development, investment and public service delivery across the state.
The decisions were reached at the Council’s eighth meeting of 2026, held at the Executive Council Chamber, New Governor’s Office, Ado-Ekiti.
The proposed 2027 Appropriation Bill, which is valued at ₦490,740,209,860.38 will now be forwarded to the Ekiti State House of Assembly for legislative consideration and passage.
The proposed budget, according to a statement signed by the Commissioner for Information, Taiwo Olatunbosun, represents an 18 per cent increase over the 2026 budget of ₦415.57 billion.
The 2027 proposal provides ₦275.68 billion for recurrent expenditure and ₦215.06 billion for capital expenditure, translating to a 56:44 recurrent-to-capital ratio.
The government said the budget prioritises the social, economic and administrative sectors, with particular attention to education, healthcare, infrastructure, agriculture and food security, job creation, governance and effective public administration.
It is also designed to consolidate ongoing programmes and projects while providing funding for new initiatives.
The proposed budget is aligned with the Ekiti State Development Plan 2021–2050, the 2027–2029 Medium-Term Expenditure Framework (MTEF), the administration’s six-point agenda and the work plans of Ministries, Departments and Agencies (MDAs).
The government said inputs from stakeholders were incorporated into the budget preparation process through Town Hall Meetings held across the state’s three senatorial districts.
The statement read in part, “The proposed budget was prepared against key macroeconomic assumptions recommended by the Nigeria Governors’ Forum, including an oil price benchmark of US$60 per barrel, an exchange rate of ₦1,400 to US$1, crude oil production of 1.75 million barrels per day, national inflation rate of 15.90 per cent, GDP growth of 4.30 per cent, unemployment rate of 22.6 per cent, and mineral ratio of 21 per cent, among other indicators.
“The proposed 2027 Budget has a total size of ₦490,740,209,860.38, representing an 18 per cent increase over the 2026 Budget.
“It comprises ₦275,682,448,040.02 in recurrent expenditure and ₦215,057,961,820.36 in capital expenditure, representing a 56:44 recurrent-to-capital ratio.
“The proposed budget provides for government receipts and planned expenditure for the 2027 fiscal year and that the programmes and projects contained in the document are consistent with the six pillars of the administration”.
