Ekiti State Governor, Mr Biodun Oyebanji, has expressed delight with giant leap of state’s economy with its Gross Domestic Product, GDP, heading towards impressive N8.8 trillion mark.
Governor also declared that he has kept faith with social contract he signed with citizens in 2022 through entrenchment of enduring participatory democracy and by revving up pedal of development across strategic areas of economy to enhance welfare of populace.
He promised to leverage on gains of past four years to jumpstart economy, saying his government will be pushing hard in actualization of his dreams in areas of agriculture, industrialization and knowledge based economy.
Speaking on Tuesday while delivering annual State of the State Address at Ekiti State House of Assembly, Ado-Ekiti, Governor noted that his administration has attracted investment worth several billions of naira and has also presided over unprecedented leap in Internally Generated Revenue, IGR.
According to him, positive revenue outlook from both Federal Allocation and Internally Generated Revenue have positively impacted budget performance tremendously while superlative economic turnaround has been acknowledged by Federal Government agencies, development partners and non-governmental budget and financial transparency watchdogs.
Governor explained that figures from National Bureau of Statistics, NBS, showed that Ekiti has lowest inflationary rate on food prices. This, he attributed to administration’s aggressive mobilisation of youths into agriculture and setting up of State Owned Enterprise named Ilu Eye Aggregation and Trading Company Limited and “Ounje Ekiti” retail outlet.
While restating objective of his administration to make food accessible, available and affordable, Governor said his administration is presently retailing garri, beans and rice that are produced in Ekiti to citizens, and arrangements are in place to open outlets in other LG Headquarters.
Members of Ekiti State House of Assembly led by Speaker, Rt. Hon. Adeoye Aribasoye lauded Governor for giving people of state impactful four years and for making state legislature part of success story within last four years.
This year’s State of the State Address, which is annual public accountability interaction with state legislators in line with extent law, was last to be delivered by Governor Oyebanji and was witnessed by House of Assembly Speakers of Jigawa, Rt. Hon. Haruna Dangyatin; Benue, Rt. Hon. Alfred Emberga and Sokoto, Rt. Hon. Tukur Bodinga.
Governor Oyebanji disclosed that sum of N11.7 billion has been disbursed as gratuities to 3,642 state pensioners while sum of N36.6 billion as monthly pensions to state pensioners from October 2022 to August 2026. He added that his administration has also cleared pension arrears for July to September 2018 amounting to N1.140 billion.
Governor revealed that N7.78 billion was disbursed to 2,659 beneficiaries while N35.7 billion has been paid to 11,524 local government retirees as monthly pension.
Giving account on giant strides recorded in state economy, Oyebanji who substantiated his claim with statistics from NBS showed that overall state GDP which moved from 2.4 trillion in 2019, to 4.6 trillion in 2023 is now poised to reach unprecedented N8.8 trillion mark.
He said: “Economy of Ekiti State continues to hold an exciting promise in all ramifications. Quick summary of Ekiti’s GDP performance from recently released NBS Report indicates that overall State GDP moved from 2.4 trillion in 2019, to 4.6 trillion in 2023, growth of 90%. Recent projection suggests that Ekiti GDP now inches towards N8.8 trillion mark.
“This has moved Ekiti from 33rd position to 28th since APC was given mandate to govern state. Similarly, our contribution to national GDP grew from 1.3% to 1.6%. Apparently, our economy is largely driven by trade which contributed 1.7 trillion (37%) and agriculture which contributed 1.05 trillion (23%). Both sectors contribute 60% to state’s economy.
“It is for this reason that we have intentionally given more attention to trade, investment and agriculture since they have proved to be area of our comparative advantage. With our deliberate investment in aviation and tourism, we hope to further diversify our economic base in new tenure.”
Reporting on significant strides in area of revenue generation, Oyebanji said: “Mr. Speaker and Honourable members, I am pleased to also inform you that due to lot of innovative ideas, administrative autonomy and strategies that we adopted, monthly internally generated revenue of State has seen significant upward improvement.
“When we took over in 2022, average Internally Generated Revenue of State hovered around N650 million to N700 million monthly, totaling N8.7bn in 2022, by end of 2023, it had surged to N12 billion. Trend continued in 2024 with reconciled figure of N17.6 billion, 2025, we grossed 27.1 billion.
“As at last reconciliation in June this year, we have already attained N15.6 billion, with all indications that we would near N32 billion mark at end year, as we currently do average of N2.6 billion monthly. Growth per year indicated 38% in 2023, 47% in 2024, 53% in 2025 and about 60% in 2026. Cumulatively speaking, we have generated sum of N88.4 billion as IGR in last four years.
“Independent data from Joint Revenue Board confirmed that 2025 was exceptional year for Ekiti State’s revenue administration. State grew Internally Generated Revenue (IGR) by 62.13%, faster than any other State in South-West and faster than 26 other States and Federal Capital Territory (FCT).
“We increased our share of national Internally Generated Revenue (IGR) and now fund third of our total expenditure from our IGR. We hope to maintain this momentum going forward.
“All of this are possible because of impact of institutional reorganization, digital transformation of tax administration, expansion of tax net and improved business environment.”
In his remarks, Speaker, Ekiti State House of Assembly, Rt. Hon. Adeoye Aribasoye, hailed strong working relationship that exists between Executive and Legislature which has resulted in good governance, enactment of laws that have added value to State and made wheel of state to move towards progress.
Aribasoye noted that democracy thrives when executive and legislative arms operate not as rivals but as partners and trustees of mandate freely given to them by electorate. He commended Governor for delivering state-of-the-art and ultramodern Assembly complex.
Speaker used forum to commend Governor for what he described as his legacies and milestones in state legislature notably digitization of operations of arm of government, global recognition Assembly now has and welfare of staff.
State of the State Address was attended by Deputy Governor, Chief (Mrs) Monisade Afuye; First Lady, Prof Olayemi Oyebanji; State Chief Judge, Justice Lekan Ogunmoye who was represented by Justice Olusegun Ogunyemi; Secretary to State Government, Prof Habibat Adubiaro; Chief of Staff, Mr Oyeniyi Adebayo; former Deputy Governor, Prof Modupe Adelabu; former Speakers, former Deputy Speakers, party leaders and traditional rulers.
