Ekiti govt maintains zero borrowing policy, presents N375.7bn 2025 budget

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The Ekiti State Government has reiterated its commitment to a zero borrowing policy in project financing as it presented a breakdown of its 2025 budget.

Signed into law by Governor Biodun Oyebanji, the N375.7 billion budget was unveiled on Thursday during a public presentation at Jibowu Hall, Government House, Ado-Ekiti.

Femi Ajayi, the State’s Commissioner for Budget and Economic Planning, highlighted the administration’s focus on sustainable growth and the well-being of Ekiti’s citizens, emphasising that the budget aligns with the state’s 2025-2027 medium-term expenditure framework and its 30-year development plan.

Titled the “Budget of Sustainable Impact,” the 2025 financial estimates are designed to support Governor Oyebanji’s shared prosperity agenda and enhance key sectors such as human capital development, agriculture, food security, healthcare, and digitalization of public services.

The budget will also focus on completing ongoing projects, creating employment, and expanding the state’s revenue base.

Ajayi outlined the revenue structure for the budget, with the key sources being federal allocation (45%), VAT (15%), grants from domestic and foreign development partners (21%), state independent revenue (8%), and a 7% loan plan for specific capital projects, though he stressed that the government has not borrowed any funds to finance its current projects.

“This budget is a testament to the prudent management of available resources. We have not borrowed a kobo to finance our projects, although we are servicing existing debt, resulting in a significant reduction of the state’s debt profile,” Ajayi explained.

He added that the administration’s financial discipline ensures every naira spent is maximized for the benefit of the people.

Chief of Staff to the governor, Niyi Adebayo, further praised the state’s progress in internal revenue generation, highlighting the transparent fiscal policies implemented under Governor Oyebanji’s leadership.

Adebayo noted that Ekiti has experienced remarkable growth in its revenue drive, which has become a model for other states to study.

Additionally, Commissioner for Finance, Akintunde Oyebode, underscored that the presentation was not only a breakdown of the state’s financial plans but also a reflection of the administration’s Open Governance policy, which promotes fiscal transparency, accountability, and inclusivity.

He commended Governor Oyebanji’s commitment to fiscal discipline and efficient resource management, which has led to tangible development across all sectors in the state.

The event was attended by key state officials, including the Secretary to the State Government, Habibat Adubiaro, Head of Service, Folakemi Olomojobi, members of the State Executive Council, traditional rulers, and representatives of financial institutions.