The Ekiti State Government has projected a Gross Domestic Product (GDP) of ₦8.8 trillion for 2026, signalling renewed optimism about the state’s economic growth trajectory, as it unveiled details of its ₦415.572 billion Budget of Impactful Governance for the year.

The projection was disclosed on Thursday during the presentation of the budget analysis to a cross-section of government officials, financial experts and media practitioners in Ado-Ekiti, the state capital.

Presenting the highlights, the Commissioner for Budget and Economic Planning, Mr Femi Ajayi, said the 2026 budget is strategically designed to stimulate economic expansion through targeted interventions in agriculture, arts and culture, education, infrastructure, tourism and the informal sector.

He noted that the fiscal plan underscores the administration’s resolve to entrench prudent financial management and implement reforms aimed at unlocking the state’s vast economic potential.

Ajayi explained that the budget was prepared in line with the 2026–2028 Medium-Term Expenditure Framework (MTEF) and Ekiti State’s 30-Year Development Plan.

According to him, the MTEF provides a structured approach for the rational allocation of resources over the medium term, ensuring the completion of priority projects while responding to prevailing macroeconomic realities.

He disclosed that the expenditure ceiling for the 2026 fiscal year stands at ₦570.048 billion, adding that the budget adopts a Zero-Based Budgeting approach and prioritises the completion of ongoing projects to boost economic productivity and drive the administration’s vision of shared prosperity.

On revenue projections, the commissioner said funding for the 2026 budget would be drawn from multiple sources, including federal allocation (30 per cent), Value Added Tax (VAT) (19 per cent), grants from domestic and foreign development partners (29 per cent), state independent revenue (11 per cent), and loans from domestic or foreign sources (2 per cent).

Ajayi further explained that recurrent expenditure would be allocated to personnel costs (28 per cent), overhead costs (28 per cent), grants and subsidies (18 per cent), and debt servicing (0.2 per cent), among others. Capital expenditure, he said, would be distributed across sectors, with the economic sector receiving the largest share at 72 per cent, followed by administrative (13 per cent), social (14 per cent), and law and justice (1 per cent).

Breaking down capital expenditure along the administration’s six development pillars, Ajayi revealed allocations to governance (9 per cent), agriculture and rural development (22 per cent), arts, culture and tourism (1 per cent), youth development and job creation (2 per cent), human capital development (9 per cent), and infrastructure and industrial development, which takes the largest share at 57 per cent.

He reaffirmed the commitment of the Biodun Oyebanji administration to fiscal accountability, transparency and sustainability, stressing that these principles are essential for achieving the government’s macro-fiscal objectives.

The commissioner added that the government remains focused on inclusive and sustainable growth, with measures in place to provide safety nets to cushion the effects of economic reforms on vulnerable segments of the population.

According to him, the six-pillar development framework will continue to guide the administration’s shared prosperity agenda, ensuring that all sectors of the economy are adequately addressed within available resources.

In his remarks, the Chief of Staff to the Governor, Mr Niyi Adebayo, commended Governor Oyebanji for providing the leadership and policy direction driving the state’s steady development through people-oriented reforms and programmes.

Adebayo attributed the success of previous budgets under the administration to its inclusive governance approach, as well as its emphasis on fiscal transparency and accountability, which he described as critical to the shared prosperity vision.

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