We’ve maintained zero borrowing policy in project financing in Ekiti – EKSG

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 had 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, Femi Ajayi, Commissioner for Budget and Economic Planning, emphasised 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 was 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 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 prioritises financial discipline and commitment to ensuring that every naira spent delivers maximum value for the people, the Commissioner said the budget was 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’s administration had 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.