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From Priscilla Ediare, Ado-Ekiti
Ekiti State Government has projected a Gross Domestic Product (GDP) of N8.8 trillion for year 2026 and presented the breakdown of N415.572 billion budget of impactful governance for the same fiscal year.
The state’s Commissioner for Budget and Economic Planning, Mr Femi Ajayi, made the disclosure during the presentation of the 2026 budget breakdown to a cross section of government officials, financial experts and media representatives in Ado-Ekiti, capital of the state.
The Commissioner noted that the budget is expected to strengthen the State’s economy through key strategic interventions in the agriculture, arts, education, infrastructure and tourism and the informal sectors.
He also stated that it signalled the administration’s commitment to prudent fiscal management and implementation of economic reforms essential for unlocking the potentials and opportunities of the economy.
Ajayi revealed that the budget was prepared in consonance with the 2026-2028 Medium -Term Expenditure Framework (MTEF) and 30 years Development plan of the state.
He explained that MTEF enables the Government to efficiently allocate available resources rationally towards the completion of projects within a medium-term period as it contains the key parameters and other macroeconomic projections driving the medium-term revenue and expenditure framework which were estimated based on emergent realities with a ceiling of ₦570,048,520,552.00 for the projected year.
While hinting that the fiscal document contains the blueprints to achieve the administration’s vision of Shared Prosperity by adopting zero-Based Budgeting approach and focuses essentially on the completion of all on-going projects to improve the economy, he disclosed that the revenue to finance the 2026 budget would be sourced from the state revenue estimate for the year including, the federal allocation, 30%, Value Added Tax (VAT) 19%, Grants from Domestic and Foreign Development partners 29%, State Independent revenue, 11%, and loan from domestic or foreign borrowing 2%.l
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Ajayi further submitted that the recurrent expenditure of the budget would be distributed into personnel cost (28%); overhead cost, 28%; grants and subsidy, 18%; debt servicing, 0.2% among others.
The commissioner also highlighted the capital expenditure allocation by sector to include economic, 72%; administrative, 13%; social. 14% and law and justice, 1%.
Ajayi also revealed that the capital expenditure based on the six pillars of the administration include governance, 9%; agriculture and rural development, 22%; arts, culture and tourism, 1%; youth development and job creation, 2%; human capital development, 9% and infrastructure and industrial development, 57%.
Ajayi reaffirmed the commitment of the Biodun Oyebanji administration to fiscal accountability and transparency to achieve fiscal sustainability and macro-fiscal objectives of government.
He said government remains committed to sustainable growth and development, aimed at improving the well-being of the people by providing safety nets to cushion the impact of any reform measures on the vulnerable segments of the population.
He added that through the Six Pillars, the present administration will sustain the philosophy of shared prosperity as well as ensure that all sectors of the economy would be addressed within the ambit of the available resources.
The Chief of Staff to the Governor, Mr Niyi Adebayo, earlier in his remarks, hailed Governor Oyebanji for providing the necessary impetus that has assisted the state at ensuring unbridled development to the state through various people-friendly reforms and programmes.
Adebayo said the success of the past budgets under the current administration was hinged on the government’s policy of inclusivity through responsible and responsive governance, promotion of fiscal transparency and accountability essential to the shared prosperity agenda of government.
