Ekiti State Governor, Biodun Oyebanji, has projected the state’s Gross Domestic Product (GDP) to reach ₦8.8 trillion, citing sustained economic growth, improved revenue generation and increased investment in agriculture, trade and other productive sectors.
The governor also said Ekiti recorded the lowest food inflation rate in Nigeria, attributing the development to his administration’s agricultural initiatives and interventions aimed at making essential food items available and affordable.
Oyebanji disclosed this on Tuesday while delivering his final State of the State Address to the Ekiti State House of Assembly in Ado-Ekiti, where he presented an account of his administration’s economic performance and development initiatives over the past four years.
According to the governor, figures from the National Bureau of Statistics (NBS) showed that the state’s GDP rose from ₦2.4 trillion in 2019 to ₦4.6 trillion in 2023, representing a 90 per cent increase, with recent projections indicating further growth towards ₦8.8 trillion
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He said the development had moved Ekiti from 33rd to 28th position among states in terms of GDP, while its contribution to Nigeria’s national GDP increased from 1.3 per cent to 1.6 per cent.
Oyebanji identified trade and agriculture as the major drivers of the state’s economy, contributing ₦1.7 trillion and ₦1.05 trillion, respectively, to its GDP.
He said the two sectors accounted for about 60 per cent of the state’s economic activities, explaining that his administration had prioritised them because of their potential to stimulate growth, create employment and improve residents’ livelihoods.The governor added that the government would build on the gains recorded in its first term by expanding investment in agriculture, industrialisation, aviation and tourism to diversify the state’s economic base.
On revenue generation, Oyebanji disclosed that Ekiti generated a cumulative ₦88.4 billion through Internally Generated Revenue (IGR) over the last four years, following improvements in tax administration, digital transformation and expansion of the revenue base.
He said the state’s annual IGR increased from ₦8.7 billion in 2022 to ₦12 billion in 2023, ₦17.6 billion in 2024 and ₦27.1 billion in 2025.
As of June 2026, the state had generated ₦15.6 billion, with the governor projecting that the figure could approach ₦32 billion by the end of the year, based on an average monthly revenue of ₦2.6 billion.
He further cited data from the Joint Revenue Board indicating that Ekiti’s IGR grew by 62.13 per cent in 2025, outperforming other states in the South-West and 26 other states, alongside the Federal Capital Territory.Oyebanji attributed the improved revenue performance to institutional reforms, administrative autonomy, digitalisation of tax collection, expansion of the tax net and efforts to create a more favourable business environment.
On food security, the governor said the government had mobilised young people into agriculture and established the Ilu Eye Aggregation and Trading Company Limited alongside the Ounje Ekiti retail initiative to improve food supply and moderate prices.
He explained that the government was selling locally produced garri, beans and rice directly to residents, adding that plans were underway to establish more outlets at local government headquarters across the state.The governor said the initiatives were part of his administration’s commitment to ensuring that food remained accessible, available and affordable to residents.
On pension obligations, Oyebanji disclosed that his administration had disbursed ₦11.7 billion in gratuities to 3,642 state pensioners and paid ₦36.6 billion in monthly pensions to state retirees between October 2022 and August 2026.
He added that ₦1.14 billion had been paid to clear pension arrears covering July to September 2018.
For local government retirees, the governor reported that ₦7.78 billion had been disbursed to 2,659 beneficiaries, while ₦35.7 billion was paid as monthly pensions to 11,524 retirees.
The Speaker of the Ekiti State House of Assembly, Adeoye Aribasoye, commended the governor for what he described as an effective working relationship between the executive and legislative arms of government, noting that the collaboration had contributed to good governance and the passage of laws supporting the state’s development.
Aribasoye also praised Oyebanji for providing a modern Assembly complex, digitising the legislature’s operations, improving staff welfare and enhancing the institution’s recognition. He stressed that democracy flourished when the executive and legislature worked as partners rather than rivals in the discharge of their responsibilities to the electorate.
The address, an annual accountability exercise before the state legislature, was attended by Deputy Governor Monisade Afuye, First Lady Olayemi Oyebanji, the Chief of Staff, Oyeniyi Adebayo, Secretary to the State Government Habibat Adubiaro, former Deputy Governor Modupe Adelabu, traditional rulers, party leaders and other dignitaries.
Also present were the Speakers of the Jigawa, Benue and Sokoto State Houses of Assembly, Haruna Dangyatin, Alfred Emberga and Tukur Bodinga, respectively.
The session marked Oyebanji’s final State of the State Address of his first term in office.