The Ekiti State Government has announced an ambitious plan to raise the state’s Gross Domestic Product to N8.8 trillion, aimed at strengthening public finances and underpinning the 2026 fiscal framework.
The target, according to the government, reflects a renewed focus on economic expansion, revenue diversification and sustainable development to enhance service delivery and long-term growth across the state.
The Commissioner for Budget and Economic Planning, Femi Ajayi, stated this in Ado-Ekiti during a presentation of the 2026 budget analysis to government officials, financial experts, and other stakeholders.
Speaking on the budget, he stated it was designed to stimulate economic growth through strategic investments in agriculture, education, infrastructure, arts, tourism, and the informal sector.
Ajayi noted that the fiscal framework was based on macroeconomic projections with a spending ceiling of ₦570.05bn, adding that the government adopted a zero-based budgeting approach with emphasis on completing ongoing projects to drive economic growth.
The Commissioner emphasized that the budget was prepared in line with the 2026–2028 Medium-Term Expenditure Framework and the state’s 30-year Development Plan, saying that the MTEF provided a guide for efficient resource allocation and completion of projects within a medium-term period.
He said that funding for the 2026 budget would come from federal allocation (30 per cent), grants from domestic and foreign development partners (29 per cent), Value Added Tax (19 per cent), state independent revenue (11 per cent), and loans (two per cent).
Ajayi added that recurrent expenditure would be allocated to personnel costs (28 per cent), overheads (28 per cent), grants and subsidies (18 per cent), and debt servicing (0.2 per cent), among others.
On the capital expenditure, Ajayi said that 72 per cent would be spent on economic services, 14 per cent on social services, 13 per cent on administrative services, and one per cent on law and justice.
He disclosed that capital spending aligned with the administration’s six pillars would focus on infrastructure and industrial development (57 per cent), agriculture and rural development (22 per cent), governance (nine per cent), human capital development (nine per cent), youth development and job creation (two per cent), and arts, culture and tourism (one per cent).
Ajayi reaffirmed the commitment of the Governor Oyebanji administration to fiscal accountability, transparency, and sustainable growth, adding that safety nets would be provided to cushion the impact of reforms on vulnerable groups.
In his remarks, the Chief of Staff to the Governor, Niyi Adebayo, said the success of previous budgets under the administration was driven by inclusive governance, fiscal transparency, and accountability.
He commended the Governor for implementing people-oriented reforms and programmes aimed at accelerating development in the state.
