The Ekiti State Government has revealed that the state would receive more revenue if the proposed tax reform bills by the federal government are passed by the National Assembly.
The Commissioner for Budget and Economic Planning, Femi Ajayi, stated this while presenting the breakdown and highlights of the 2025 budget in Ado-Ekiti, the state capital. He said that the bills, especially those related to the Value Added Tax (VAT), would be beneficial to the state, providing more revenue for developmental projects.
Ajayi disclosed that the N375.7 billion budget for the state in 2025 aligns with the shared prosperity agenda of Governor Biodun Oyebanji to improve the lives and livelihoods of people in the state.
He said the 2024 budget witnessed 88 percent performance, which has been acknowledged by local and international financial institutions and transparency organisations.
According to him, the document tagged ‘Budget of Sustainable Impact,’ which was signed into law by the governor on December 30, 2024, would see the completion of ongoing projects, boost agriculture for food security, among others.
The Commissioner, who reiterated the administration’s commitment to ensuring transparency and accountability in its fiscal document, added that the 2025 budget has 51 percent for recurrent and 49 percent for capital expenditure.
While assuring the people and stakeholders that the government would be resolute in implementing the budget towards the sustainable development and growth of the state, Ajayi noted that Ekiti will witness massive investment across all sectors.
He said that the construction of the N17 billion Ijigbo-Okeiyinmi flyover project would be completed this year, among other township roads and projects across the 16 council areas to open up the state for investment.
Ajayi said, “With our great performance in the 2024 budget, we are looking forward to an impressive and productive year in Ekiti State through the deliberate efforts of our amiable governor, Biodun Oyebanji.
“The state is expected to experience an increase in revenue this year through IGR and VAT, especially with the tax reform bills which are before the National Assembly. If the bills are passed, Ekiti is expected to have more money from VAT and others for us to do more developmental projects and programmes.
“The administration is committed to fiscal accountability and transparency, and the government is poised to engender sustainable growth of the state economy and further improve the well-being of the people.
“Through the six pillars, we will sustain the philosophy of shared prosperity. All sectors of the economy have been addressed within the ambit of the available resources.”
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