Ekiti State has taken a bold step towards economic transformation with the presentation of its 2025 budget by the Commissioner for Budget and Economic Planning, Hon. Femi Ajayi valued at N375.7bilion consisting N192.0billion recurrent and N183.7billion capital expenditure.
The budget, tagged Budget of Sustainable Growth and Shared Prosperity aims to consolidate on the gains of the past year while addressing critical infrastructure and human capital development needs.
During the public presentation held in Ado Ekiti on Thursday,Hon. Ajayi revealed that the capital expenditure allocation by sector total budget stands at N183.7 billion, with 72% allocated to the economic sector.This allocation emphasizes the state’s commitment to completing ongoing projects and initiating new ones that will drive development across various sectors.
Key Highlights of the 2025 Budget:Economic Sector: N131.9 billion (72%),Social Sector: N26.4 billion (14%),Administrative Sector: N24.2 billion (13%),Law and Justice: N1.02 billion (1%).
The budget includes significant allocations for road construction, power projects, and agricultural development. Some of the major projects highlighted are:
Road Projects: Rehabilitation of 30.2km Oke Ayedun-Ipao-Oke Ako-Irele road, reconstruction of 15km Awo-Ara-Ijero road, and rehabilitation of Ado township roads.
Power Projects: Installation of new transformers, construction of solar mini-grids in rural communities, and completion of street light projects in Ado Ekiti.
Agricultural Development: Construction of rural roads, purchase of tractors, and establishment of farm clusters to boost food security.
Hon. Ajayi noted that Ekiti State recorded a 75% growth in Internally Generated Revenue (IGR) in 2023, moving to 16th position in VAT revenue generation nationwide. The state achieved this without borrowing, reflecting its commitment to fiscal discipline.
The 2025 budget assumes an exchange rate of N1,200 to the dollar, an oil production rate of 1.65 million barrels per day, and an inflation rate of 27%. These parameters are expected to guide the state’s economic planning and ensure sustainable growth.
The budget also prioritizes human capital development, with plans to digitize the public service, enhance healthcare delivery, and create employment opportunities. The state government aims to collaborate with development partners to achieve these goals.
However,in his remarks, the Chief of Staff, Hon. Oyeniyi Adebayo, emphasized that the administration is committed to transparency and accountability. He stated, “Ekiti is on the path of economic renaissance, and this budget reflects our determination to improve the lives of our people.”
The 2025 budget is a clear indication of Ekiti State’s resolve to build a sustainable economy, complete ongoing projects, and lay a solid foundation for future growth. With a focus on infrastructure, agriculture, and human development, the state is poised to achieve its vision of shared prosperity.
