The Ekiti State Executive Council has approved a proposed N490.74 billion budget for 2027, representing an 18 per cent increase over the 2026 budget, for presentation to the State House of Assembly.
In a statement by the Commissioner for Information, Rt. Hon. Taiwo Olatunbosun, the approval was one of the major decisions reached at the Council’s eighth meeting of 2026, held in Ado-Ekiti on Wednesday. The proposed budget provides N275.68 billion for recurrent expenditure and N215.06 billion for capital projects.
The Council also approved the 2027–2029 Medium-Term Expenditure Framework (MTEF), which projects total revenue of N637.12 billion in 2027, N637.08 billion in 2028 and N610.51 billion in 2029. Total expenditure is projected at N630.12 billion, N630.08 billion and N603.51 billion respectively.
The framework, according to the statement, was prepared against prevailing national and global economic conditions and is expected to guide the preparation of the state’s annual budgets. Its key assumptions include an oil benchmark of 60 US dollars per barrel, an exchange rate of N1,400 to the dollar and an inflation rate of 15.90 per cent.
The Council also approved a N415.57 billion revised budget for 2026, comprising N268.77 billion in recurrent expenditure and N146.81 billion in capital expenditure. As of August 30, the state had recorded revenue of N322.93 billion, representing 109 per cent of its prorated target, while expenditure stood at N242.86 billion.
In another decision, the Council approved the Ekiti State Right of Way Bill 2026 for transmission to the House of Assembly. It also approved a waiver of charges per linear metre for Right of Way and the conversion of Base Transceiver Station charges to annual payments, a move aimed at encouraging telecommunications investment and accelerating broadband deployment.
The Council further approved the Ekiti State Pension Reform Law (Second Amendment) Bill 2026, which seeks to provide greater flexibility in the administration of the State Pension Commission, including allowing either a Permanent Secretary or Director-General to serve as its accounting officer. The approved fiscal documents and bills will now be transmitted to the House of Assembly for legislative consideration and passage, while the government says the measures are designed to strengthen fiscal management, infrastructure, investment and service delivery in line with the Ekiti State Development Plan 2021–2050.
