JUST IN: Oyebanji presents N375.7bn 2025 budget proposal to Ekiti Assembly

Ekiti State governor, Biodun Oyebanji has presented before the State House of Assembly a sum of N375.7 billion as the proposed budget for the 2025 fiscal year.

Oyebanji who presented the budget estimates at the Assembly complex on Tuesday explained that the appropriation bill when passed would help his administration to consolidate his efforts in infrastructure development and improve the state’s economy in line with the shared prosperity agenda.

According to him, the 2025 budget which is tagged, ‘Budget of Sustainable Impact’ would focus on ensuring food security, wealth creation and welfare of the people in order to enhance the productivity of the people and the economy.

He added that the government has made adequate provisions for the implementation of the N70,000 new minimum wage for workers and pensioners, saying that negotiations between the government and organized labour would soon be completed.

Reeling out the breakdown of the budget which is the highest in the history of the state in recent years, said the recurrent expenditure is proposed to be N192.3 billion representing 51 percent, while 49 percent of the appropriation bill is allocated to the capital expenditure with N183.4 billion.

He said, “The proposed 2025 Budget has been carefully prepared to consolidate on on-going capital projects and address the temporary economic hardship, occasioned by the petrol subsidy removal and unification of exchange rate by improving our agricultural sector through provision of incentives, seedling, and farm machineries to enhance food security in the State.

“In addition, the informal sector will be accorded priority attention. The need to provide an enabling business environment for existing and emerging businesses cannot be overemphasized.

“Therefore, we as a Government shall provide various empowerment programmes for Micro, Small and Medium Scale Enterprises (MSMSEs) in the State. In the same vein, we shall provide grants and facilitate credit facilities to business owners. All registered cooperatives in the State will be provided with the needed support to enhance their activities.”

On how the budget will be financed, Oyebanji said, “As a Government, we are optimistic that the Independent Revenue of the State will improve in 2025 with the concerted efforts of the Ekiti State Internal Revenue Service (IRS) and other revenue-generating agencies.

” In the same vein, in view of our cordial relationship with the Federal Government, we are hopeful of the continued support of the Federal Government to Ekiti State. We also hope to strengthen our collaboration with our development Partners to assist with implementation of our various programmes and initiatives.”

He appealed to the lawmakers to consider the expeditious passage of the appropriation for the state to continue the January to December budget cycle

Speaking, the Speaker of the Ekiti state House of Assembly, Adeoye Aribasoye commended the governor for his giant strides across major sectors of the state economy in the last two years.

He assured him that the lawmakers would shelve their scheduled break to deliberate and scrutinize the budget proposal towards passing it in record time for the governor to sustain his developmental projects in the state.

Aribasoye urged the head of Ministries, Departments and Agencies (MDAs) to make themselves available to defend their respective proposals, saying that the legislature would remain committed to upholding the principle of accountability in governance.

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