Ekiti State Government Sticks To Zero Borrowing Policy In 2025 Budget Financing

Governor Biodun Oyebanji of Ekiti State has announced the official presentation of the N375.7 billion 2025 budget, signed into law on December 30, 2024. In a key statement, the government confirmed that no borrowing had been undertaken to fund any projects, sticking to its policy of zero borrowing in project financing.

During the public breakdown and analysis of the 2025 budget at Jibowu Hall, Government House, Ado-Ekiti, Femi Ajayi, the Commissioner for Budget and Economic Planning, highlighted the administration’s commitment to sustainable growth and improved welfare for citizens. The budget, tagged “Budget of Sustainable Impact,” is aligned with the state’s six pillars of development.

Ajayi further detailed the revenue projections for the 2025 fiscal year, noting that the budget would be largely funded by state revenue estimates, including 45% from federal allocations, 15% from Value Added Tax (VAT), 21% from grants by both domestic and international development partners, 8% from state-generated revenue, and 7% from loans aimed at financing specific capital projects.

The goals of the 2025 budget include human capital development, expanding the state’s revenue base, enhancing agriculture and food security, completing key developmental projects, fostering employment, upgrading healthcare, advancing the digitalization of public service, promoting development partner collaborations, and increasing productivity.

Ajayi emphasized the administration’s dedication to financial discipline and ensuring that every expenditure generates optimal value for the people. The budget was crafted to cater to the most critical sectors of the economy without overstretching the state’s financial capacity.

In his conclusion, Ajayi reiterated that the administration of Governor Oyebanji had adhered strictly to its zero borrowing policy. While existing debts are being serviced, no new borrowing has been undertaken to fund state projects. He expressed confidence in the state’s economic growth and urged the people to continue supporting the government’s efforts to create a self-sufficient Ekiti State for future generations.