OYEBANJI’S FINANCIAL FIDELITY AND ZERO BORROWING CONSOLIDATE GOVERNANCE IN EKITI
The BAO Impact Series No. 11
BY ODUNAYO OGUNMOLA
Ekiti State Governor, Mr Biodun Oyebanji, has proved to the people of the state and indeed other Nigerians that he is a good manager of resources put in his care.
For the past two years and three months he has been superintending over the affairs of the state, Governor Oyebanji has earned the trust of the people by upholding the principles of probity, accountability and transparency in governance.
He has succeeded in stabilizing the ship of the state in fiscal matters as Ekiti has emerged as one of the states with good reputation for treasury management. The Governor’s previous stints as a banking executive and Commissioner for Budget and Economic Planning have come in handy.
Governor Oyebanji always make use of every public forum to give account to various segments of the State on how he has been managing the state treasury. Whether when receiving prominent guests and corporate organizations on courtesy visits or while reaching out to the people, he always lay the cards on the table.
He also used the occasions like 100, 200, 500 days celebrations, town hall meetings with the people across the senatorial districts ahead of budget preparations and the annual State of the State of the State Address on the floor of the House of Assembly to give account on how the public purse is being managed.
Borrowing to finance key projects is part of governance all over the world. National governments and subnational governments borrow to ensure quality and timely service delivery to the populace.
Governments that borrow from multilateral institutions, international agencies and financial institutions are under obligation to pay back the loans on mutually agreed repayment structure within a specific length of time.
The recent discovery of the fact that the Ekiti State Government under the leadership of Governor Oyebanji has not borrowed a dime since coming to office in October 2022 was a startling revelation to the people of the State who are feeling the impact of good governance in all sectors.
The press conference on the breakdown of the Ekiti State 2025 Budget held on Thursday, 30th January, 2025 showcased that milestone which has gladdened the hearts of the people of the state. It was heartwarming to note that in no distant time, Ekiti will achieve a debt-free status.
The Honourable Commissioner for Budget and Economic Planning, Hon Femi Ajayi, who made the revelation of zero borrowing under Governor Oyebanji during the budget breakdown noted that funds are being channeled to critical sectors of the state economy without exceeding the state’s financial capacity.
Under Governor Oyebanji, domestic debt has reduced from N110.57 billion to N57.90 billion just in one quarter representing a N52.67 billion reduction. This happened because he is committed to the servicing and repayment of loans he inherited.
Records have shown that the Oyebanji Administration prioritizes financial discipline and commitment to ensuring that every Naira spent delivers maximum value for the people of the State.
Despite the zero borrowing achieved so far, Oyebanji has proved to be diligent in servicing the existing debt he met on ground and this has led to a significant reduction of the debt profile of the State.
The Governor is determined to ensure that Ekiti completely exits the debt to set the State on the path of total freedom from financial liabilities and for more funds to be available for provision of more social services to the people.
Oyebanji oversees an administration that is committed to fiscal discipline in the Public Service, thus, promoting prudence in the management and utilization of the state’s resources.
Besides, Ekiti under Oyebanji enjoys remarkable improvement in its Internally Generated Revenue (IGR) which has been nationally acknowledged by the Joint Tax Board (JTB) as a model for other states owing to the deeply entrenched culture of transparent management of the revenue profile.
Ekiti under Oyebanji has scooped many laurels in financial management which include the first position in PSLI Subnational Audit Efficiency Index in Nigeria .
The State scored 92 percent and ranked 2nd in BudgIT State Fiscal Transparency League for Quarter 1 of 2024 and also topped the Budget State Fiscal Transparency League for Quarter 2 2024 with a total score of 97 percent.
These facts bear eloquent testimony to the Oyebanji Administration’s avowed commitment to probity, accountability and transparency to the benefit of the people of Ekiti State.
*Ogunmola is Senior Special Assistant to the Governor on Media (Print Media)