The Governor of Ekiti State, Biodun Oyebanji, has presented a ₦415.57 billion budget proposal for the 2026 fiscal year, representing an 11% increase from the 2025 appropriation. The new budget underscores his administration’s commitment to consolidating development gains and advancing key infrastructure and social projects across the state.
According to details published on the Ekiti State Government’s official website, the 2026 budget comprises ₦221.87 billion for Recurrent Expenditure (53% of the total) and ₦193.70 billion for Capital Expenditure (46%).
Focus on Infrastructure and Job Creation
Presenting the budget before the Ekiti State House of Assembly at the Old Assembly Complex in Ado-Ekiti, Governor Oyebanji said the proposal was carefully designed to complete ongoing infrastructure projects, boost job creation, and strengthen livelihood opportunities across critical sectors of the economy.
He noted that the 2026 Appropriation Bill reflects the outcome of extensive consultations held with traditional rulers, community representatives, civil society groups, and other stakeholders during statewide Town Hall Meetings across the three senatorial districts.
Revenue Sources and Funding
The governor explained that the budget will be funded through Federal Allocations, Value Added Tax (VAT), independent revenues from Ministries, Departments and Agencies (MDAs), tertiary institutions, international donor agencies, and other sundry sources.
He emphasized that the fiscal plan aligns with the Ekiti State Development Plan (2021–2050), the Medium-Term Expenditure Framework (2026–2028), and the administration’s Six-Pillar Development Agenda, all prepared in compliance with the National Chart of Accounts (NCoA) adopted by the Nigerian Governors’ Forum (NGF).
Legislative Commitment to Accountability
In his remarks, the Speaker of the Ekiti State House of Assembly, Rt. Hon. Adeoye Aribasoye, pledged that the legislature would ensure accountability and transparency in the implementation of the budget.
“Every naira will be accounted for and directed towards priority sectors that deliver maximum benefit to the people of Ekiti State,” he said, assuring that lawmakers will carefully review the proposal to ensure it aligns with citizens’ needs and aspirations.
Fiscal Reforms and Revenue Expansion
According to the 2026 Draft Budget Estimates released earlier on August 28, 2025, the state plans to diversify revenue sources and strengthen the capacity of the Ekiti State Internal Revenue Service (EKIRS) to reduce reliance on federal allocations.
The report also noted that the government aims to leverage the 2025 Tax Laws, which came into effect on January 1, 2025, to significantly boost internally generated revenue (IGR) across key economic sectors.
Context: States’ IGR Performance
Recent data from the National Bureau of Statistics (NBS) shows that Nigeria’s 36 states and the FCT generated a combined ₦3.63 trillion in Internally Generated Revenue (IGR) in 2024 — bringing the total IGR across the country between 2021 and 2024 to ₦10.88 trillion.
The 2026 Ekiti State budget, therefore, reflects a broader trend of states intensifying efforts to expand fiscal independence and promote sustainable development through strategic investments and improved revenue mobilization.
Emmanuel Bassey is a Financial Expert that has worked in the Banking and Finance Industry for over 15+ years across different banks in Nigeria
