Olufunke Aladejare
The Governor of Ekiti State, Mr. Biodun Oyebanji on Tuesday presented a budget estimate of N375,790,077,618.15 before members of the Ekiti State House of Assembly, for the 2025 fiscal year with special focus on food security, employment generation and wealth creation.
Presenting the Appropriation Bill l at the Assembly Complex in Ado- Ekiti, Oyebanji explained that the budget estimate was prepared in line with global best practices to drive the Shared Prosperity agenda of his administration.
The state’s legislators, led by the Speaker, Rt. Hon. Adeoye Aribasoye, hailed the Governor for executing the outgoing 2024 Budget without borrowing either internally or externally and recording a commendable budget performance for the year.
According to the 2025 budget estimate laid before the state parliament, N192,326,570,488.61 representing 51 per cent of the total amount budgeted was set aside for recurrent expenditure, while N183,463,507,129.54 representing 49 per cent of the estimate was earmarked as capital expenditure.
This was in contrast to the size of the Budget for the 2024 fiscal year of N150,575,481,915.00 out of which N88,952,583,682.410 was recurrent expenditure and N70,619,898,233.20 was capital expenditure.
Governor Oyebanji noted that the Recurrent Expenditure include Personnel Cost, Overhead Cost, Social Contributions and Benefits, Debt Service and Grants while Capital Expenditure relates to the cost of infrastructure and other developmental projects.
The Governor explained that the preparation of the budget was equally in line with the inclusive governance policy of his administration after receiving inputs from all communities during the town hall meetings in the three senatorial districts of the state.
According to him, the 2025 budget estimate was carefully prepared to consolidate on the gains of the 2024 Budget by improving the agriculture sector to enhance food security, provide grants to business owners and boost micro, small and medium enterprises.
The Governor further assured that provision has been made in the 2025 Budget to accommodate the proposed new minimum wage, while attention would also be given to the completion of ongoing infrastructure projects embarked upon by his administration in different parts of the state.
Aside thanking Ekiti people for their “overwhelming support “ for his administration, Governor Oyebanji also thanked President Bola Tinubu for what he described as the President’s “strong support “ for his administration.
The Governor also highlighted some of the projects to be given top priority in the 2025 budget to include some road projects and water and sanitation projects.
He said: “The proposed 2025 Budget will focus on food security, wealth creation and welfare of our people. It is important to reiterate that our Shared Prosperity agenda is hinged on six strategic pillars, which cut across all the sub-sectors of the economy.
“Our objective is to create sustainable prosperity and grow the economy by equipping our people with the requisite skills, creating jobs for our youths and women, and exposing them to information communication technology and expanding the range of opportunities available for everyone.
“We are poised to sustain and create more conducive environment for investors and make Ekiti State the preferred destination to live, work, and invest.
“While we are making concerted effort to bridge the infrastructure deficit, we are also poised to create the enabling environment for investors in the State to increase our Gross Domestic Product (GDP).
“Therefore, I wish to reiterate the commitment of our administration to provide basic and essential public infrastructure for sustainable economic growth. Accordingly, we shall focus on completing on-going infrastructural projects across the State in the coming year.”