We’ve maintained zero borrowing policy in project financing- EKSG
….as breakdown of 2025 budget is presented
Ekiti State Government, on Thursday, presented a breakdown of the N375.7 billion 2025 Budget signed into law by Governor Biodun Oyebanji on 30th December 2024 to the general public, with a confirmation that the administration has not borrowed a dime to finance its projects.
Giving an highlight of the 2025 budget tagged “ Budget of Sustainable Impact” at a public presentation of breakdown and analysis of the budget at Jibowu Hall, Government House, Ado-Ekiti, the State’s Commissioner for Budget and Economic Planning, Mr. Femi Ajayi, emphasized government’s determination to engender sustainable growth and further improve the wellbeing of the people through the six pillars of the administration.
He said 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.
The Commissioner 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 Hon 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 economy without exceeding the state’s financial capacity.
Describing the budget as a testament to prudent management of available resources, Ajayi asserted that the Oyebanji administration has not borrowed a kobo to finance its projects and programmes, adding however that the government has been servicing existing debt, thereby achieving a major reduction in the state’s debt profile.
While expressing optimism about the state’s economic trajectory, the Commissioner called on the people to continue to support Biodun Oyebanji government’s efforts to deliver on its promise and build a self-sufficient state for future generations.
Earlier, the Chief of Staff to the Governor, Mr Niyi Adebayo disclosed that Ekiti has grown in leaps and bounds in internal revenue drive as the state is on the path of economic renaissance through the transparent fiscal policy of Governor Biodun Oyebanji.
Adebayo, who is the immediate past Commissioner for Budget, Economic Planning and Performance Management, commended the Governor for providing leadership and setting the tone and examples that all players in the Ekiti development agenda have been following to bring unparalleled development to the state.
The Chief of Staff also disclosed that since 2023, the state had enjoyed a remarkable and unrivaled improvement in internally generated revenue, leading to many states seeking to understudy the secret behind the state’s revenue drive.
Also, the Commissioner for Finance, Mr Akintunde Oyebode, stated that the event was not just a mere presentation of the 2025 financial plans but also a testament to the Open Governance policy of the present administration which aims to promote fiscal transparency, accountability, and Inclusivity as essential attributes of a responsive and responsible Government.
Oyebode, who was represented by the Permanent Secretary of the Ministry, Mr Oludare Jolumo, also hailed Governor Oyebanji’s commitment to fiscal discipline in the Public Service, thus, promoting prudence in the management and utilization of the state’s resources. He added that the visible developmental strides recorded by the administration across all sectors in the State are the outcomes of the established focal thrust of the administration.
Also at the event were the 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, representatives of financial institutions.
Journalists and members of the public took turns to ask questions on different aspects of the budget after the presentation of the analysis.