The Ekiti State Commissioner for Budget and Economic Planning, Mr. Femi Ajayi, has disclosed that the state under the watch of His Excellency, Mr. Biodun Oyebanji, had not borrowed one kobo to finance its projects.
Ajayi made the disclosure earlier, today, while giving the breakdown of the N375.7 billion 2025 Budget which Governor Biodun Oyebanji had signed into law on December 30, 2024.
Giving highlights of the 2025 budget tagged “Budget of Sustainable Impact” at a public presentation of breakdown and analysis of the budget, the commissioner stated that the projection for the 2025 financial estimates is to further enhance government’s policy on the shared prosperity agenda of the administration in tandem with the 2025-2027 medium-term expenditure (MTEF) and the 30-year development plan for the state.
He explained that the 2025 budget would be derived from the state revenue estimate for the year particularly, federal allocation, 45%, Value Added Tax (VAT) 15%, Grants from Domestic and Foreign Development partners 21%, State Independent revenue, 8%, and loan plan from domestic or foreign borrowing for the implementation of specific capital projects 7%.
According to Ajayi, the objectives of the budget are, human capital development, expanding revenue base, enhancement of agriculture and food security, completion of developmental projects, creation of employment opportunities, enhancement of quality health care delivery, digitalization of the public service, improve collaboration with development partners, promote value orientation as well as productivity, among others.
While explaining that the current administration prioritizes financial discipline and commitment to ensuring that every naira spent delivers maximum value for the people, the Commissioner said the budget is tailored to also address critical sectors of the state’s economy without exceeding the its financial capacity.
Describing the budget as a testament to prudent management of available resources, Ajayi asserted that the Oyebanji administration had not borrowed a kobo to finance its projects and programmes, adding that the government has been servicing existing debt, thereby achieving a major reduction in the state’s debt profile.
He therefore called on the people to continue to support Oyebanji administration’s efforts to deliver on its promise and build a self-sufficient state for future generations.
Other top government functionaries at the event included Chief of Staff to the Governor, Mr Niyi Adebayo, Permanent Secretary, Ministry of Finance, Mr Oludare Jolumo, who represented his Honourable Commissioner, Mr Akintunde Oyebode, Secretary to the State Government, Prof. Habibat Adubiaro, Head of Service, Dr Folakemi Olomojobi, Members of the State executive council, the body of permanent secretaries, traditional rulers, journalists, and representatives of financial institutions.
