Business
Ekiti GDP Hits N8.8trn, Records Lowest Food Inflation — Oyebanji
By Joseph Sunday
Ekiti State Governor, Biodun Oyebanji, says the state’s economy has recorded a major leap, with its Gross Domestic Product now projected to hit N8.8 trillion.
Oyebanji disclosed this on Tuesday while delivering his State of the State Address at the Ekiti State House of Assembly in Ado-Ekiti.
He said his administration has remained faithful to the social contract signed with the people of the state in 2022 by entrenching participatory democracy and accelerating development across key sectors.
According to him, the administration will consolidate on the gains of the last four years with renewed focus on agriculture, industrialization and a knowledge-based economy.
The Governor said the state has attracted investments worth billions of naira and recorded unprecedented growth in Internally Generated Revenue, which has positively impacted budget performance. He noted that the economic turnaround has been acknowledged by federal agencies, development partners and budget transparency watchdogs.
Citing data from the National Bureau of Statistics, Oyebanji said Ekiti currently has the lowest food inflation rate in the country.
He attributed the feat to aggressive mobilisation of youths into agriculture and the establishment of the state-owned Ilu Eye Aggregation and Trading Company Limited and the “Ounje Ekiti” retail outlets, where locally produced garri, rice and beans are sold at affordable prices. He added that more outlets will be opened across local government headquarters.
On pensions and gratuities, the Governor revealed that his administration has paid N11.7 billion in gratuities to 3,642 state pensioners and N36.6 billion as monthly pensions between October 2022 and August 2026. He said N1.14 billion was also paid to clear pension arrears for July to September 2018.
At the local government level, he said N7.78 billion was disbursed to 2,659 beneficiaries as gratuities, while N35.7 billion has been paid to 11,524 local government retirees as monthly pensions.
Giving a breakdown of the economic performance, Oyebanji said the state’s GDP grew from N2.4 trillion in 2019 to N4.6 trillion in 2023, representing 90 per cent growth, and is now projected to reach N8.8 trillion.
The growth, he said, has moved Ekiti from 33rd to 28th position among states in GDP ranking, while its contribution to national GDP rose from 1.3 per cent to 1.6 per cent.
He explained that trade and agriculture remain the main drivers of the economy, contributing N1.7 trillion (37 per cent) and N1.05 trillion (23 per cent) respectively, accounting for 60 per cent of the state’s economy. He said government is investing in aviation and tourism to further diversify the economy.
On IGR, the Governor said monthly revenue rose from an average of N650 million to N700 million in 2022, when the state recorded N8.7 billion annually, to N12 billion in 2023, N17.6 billion in 2024, and N27.1 billion in 2025.
As of June 2026, the state has generated N15.6 billion, averaging N2.6 billion monthly, with a projection of N32 billion by year end.
Cumulatively, the state has generated N88.4 billion as IGR in the last four years. He added that data from the Joint Tax Board showed Ekiti recorded 62.13 per cent IGR growth in 2025, the fastest in the South-West and ahead of 26 other states and the FCT.
In his remarks, Speaker of the Ekiti State House of Assembly, Rt. Hon. Adeoye Aribasoye, commended the Governor for four impactful years and for fostering a strong executive-legislature relationship that has promoted good governance. He also lauded the delivery of a state-of-the-art Assembly complex and digitization of legislative operations.
The address, which is the last to be delivered by Governor Oyebanji in his first term, was attended by Deputy Governor, Chief (Mrs) Monisade Afuye; First Lady, Prof. Olayemi Oyebanji; Secretary to the State Government, Prof. Habibat Adubiaro; Chief of Staff, Mr. Oyeniyi Adebayo; traditional rulers, party leaders and Speakers of Jigawa, Benue and Sokoto States.
