The Ekiti State Governor, Mr Biodun Oyebanji is to present the proposed 2027 Budget of ₦490,740,209,860.38 to the Ekiti State House of Assembly for legislative consideration and passage.

A statement by the commissioner for Information, Mr Taiwo Olatunbosun yesterday in Ado Ekiti, said that the proposed presentation to the Assembly followed its approval by the State Executive Council.

“The proposed budget was prepared in line with Section 121(1) of the Constitution of the Federal Republic of Nigeria, 1999, as amended, in collaboration with Ministries, Departments and Agencies (MDAs) and other critical stakeholders.

“The preparation process incorporated inputs from stakeholders gathered during Town Hall Meetings held across the three Senatorial Districts of the State.”

According to Olatunbosun, the proposed 2027 Budget places priority on key sectors, particularly the social, economic and administrative sectors.

“The social sector priorities include education and healthcare delivery, while the economic sector focuses on infrastructure, agriculture and food security, and job creation. The administrative sector focuses on governance and effective public administration.

“The budget is designed to consolidate the achievements of the administration while providing resources for new programmes and projects.

“It is also aligned with the Ekiti State Development Plan 2021–2050, the 2027–2029 Medium-Term Expenditure Framework, the six pillars of the administration and the work plans of MDAs.”

Giving further highlights of the proposed budget, he explained that it was prepared against key macroeconomic assumptions recommended by the Nigeria Governors’ Forum, including an oil price benchmark of US$60 per barrel, an exchange rate of ₦1,400 to US$1, crude oil production of 1.75 million barrels per day, national inflation rate of 15.90 per cent, GDP growth of 4.30 per cent, unemployment rate of 22.6 per cent, and mineral ratio of 21 per cent, among other indicators.

“The proposed 2027 Budget has a total size of ₦490,740,209,860.38, representing an 18 per cent increase over the 2026 Budget.

“It comprises ₦275,682,448,040.02 in recurrent expenditure and ₦215,057,961,820.36 in capital expenditure, representing a 56:44 recurrent-to-capital ratio.”

The commissioner noted that the proposed budget provides for government receipts and planned expenditure for the 2027 fiscal year and that the programmes and projects contained in the document are consistent with the six pillars of the administration.

“Following consideration of the Memorandum, the Council approved the presentation of the ₦490.74 billion 2027 Appropriation Bill to the Ekiti State House of Assembly for legislative processing and passage.”