Oyebanji signs ₦415.57bn 2026 budget, targets project completion, growth

Ekiti State Governor, Biodun Oyebanji, has signed the 2026 Appropriation Law totaling ₦415,572,070,139.44, christened the “Budget of Sustainable Governance.”

The signing took place on Tuesday at the Executive Council Chamber in Ado-Ekiti. Oyebanji said the budget is designed to complete ongoing projects while prioritizing food security, wealth creation, and infrastructure.

“As next year marks the end of our first term, this document will help us consolidate our gains since October 16, 2022,” the governor said.

He thanked the State House of Assembly for the speedy passage of the bill, presented on October 10, 2025, noting that the budget is expected to stimulate the economy and advance his administration’s shared prosperity agenda.

The 2026 budget allocates ₦221.87 billion (53%) to recurrent expenditure and ₦193.70 billion (46%) to capital projects — an 11% increase over the 2025 budget — aimed at ensuring sustainable growth and fiscal discipline.

Oyebanji also signed the Ekiti State Revenue Administration Law 2025 and the Ekiti State College of Technology, Ijero-Ekiti Law 2025.

He said the timely presentation of the budget aligns with the 1999 Constitution and the Fiscal Sustainability Plan, allowing enough time for legislative scrutiny and stakeholder engagement.

According to him, the budget was prepared through wide consultation and is anchored on the state’s 30-year Development Plan (2021–2050) and the administration’s six pillars.

He added that government will work to meet revenue targets, complete ongoing projects, and partner development agencies on strategic initiatives.

The detailed breakdown of the budget will be presented later by the Commissioner for Budget and Economic Planning.

Earlier, the Speaker of the House, Rt. Hon. Adeoye Aribasoye, described the budget as proof of the state’s commitment to citizens’ welfare, rooted in transparency, accountability, and fiscal discipline.

He said capital spending cuts across economic, justice, social, and administrative sectors to balance operations with long-term development.

The ceremony was attended by Deputy Governor Monisade Afuye, lawmakers, members of the Executive Council, government officials, and other stakeholders.