Ekiti State Turns 30: Revenue Hits Over ₦50 Billion, Salaries Paid

The Ekiti State Government said on Wednesday that the state’s Internally Generated Revenue (IGR) jumped from about ₦8 billion in 2020 to over ₦50 billion a year by 2025. They claimed this revenue is enough to pay workers' salaries.

This announcement was made during a public hearing organized by the Ekiti State House of Assembly. This event is part of the celebrations for the state’s 30th anniversary.

The public hearing, themed, "Ekiti at 30: Reflecting on Our Journey, Charting Our Future," gathered former political leaders, lawmakers, experts, and citizens. They came together to look back at the state’s progress since it was created in 1996 and to plan for the next thirty years.

Ekiti State was created on October 1, 1996, during the military rule of the late Sani Abacha.

Akin Oyebode, the Commissioner for Finance, noted that Ekiti had seen significant economic growth over the years. This growth came from efforts to diversify the economy.

Mr Oyebode said the state has reduced its reliance on agriculture from about 80 percent in 2005 to 40 percent in 2017. This shows a gradual move towards a more diverse economy.

He added that the state’s IGR rose from around ₦8 billion in 2020 to more than ₦50 billion each year by 2025. This increase allows the state government to pay salaries from its own revenue.

Still, he pointed out that the government’s next goal should be to raise the revenue base enough to cover all the state’s expenses.

Mr Oyebode explained that achieving this would allow federal allocations from the Federation Account Allocation Committee (FAAC) to be used for investing in projects and programs.

"Ekiti’s internal revenue now covers our monthly salaries, but we must move to the next frontier where the IGR covers all the recurrent expenditure. This will mean that FAAC revenue can go solely to investment and capital projects, which will have positive impacts on the people," he said.

He also noted that over the past four years, the clear vision and shared prosperity plan of Governor Biodun Oyebanji, along with reforms from President Bola Tinubu, have helped states get more funds for development.

Former governor Segun Oni congratulated the House of Assembly and Ekiti people on the anniversary. He said the state has achieved a lot of stability and growth in its 30 years.

Mr Oni encouraged the people to support Governor Biodun Oyebanji’s leadership and to promote the state’s goals and development plans.

The Speaker of the House of Assembly, Adeoye Aribasoye, said the public hearing aimed to carefully examine the state’s 30-year journey. They wanted to identify challenges and suggest practical steps for Ekiti’s future growth.

Mr Aribasoye said the ideas and resolutions from this hearing would be part of the legislative agenda for the Seventh Assembly. They will guide future lawmakers in their efforts to help Ekiti grow and prosper.

In his keynote speech, lawyer and philanthropist Tope Adebayo said Ekiti’s development should not just be about the number of successful people but how many citizens get opportunities to succeed.

Mr Adebayo said Ekiti has built important foundations in the last 30 years. But, he stressed that the current generation must strengthen these foundations to create lasting opportunities for future generations.

Afolabi Ogunlayi, an elder statesman and the first Commissioner for Finance in Ekiti State, remembered the fight that led to the state’s creation in 1996.

He said the feeling of being sidelined in the old Ondo State drove the push for Ekiti State.