Governor Biodun Oyebanji has begun his second term in Ekiti State with a historic electoral mandate, impressive revenue figures and a catalogue of infrastructure projects. But beneath the government’s celebration lies a harder question: what has economic growth actually delivered to ordinary Ekiti residents struggling with unemployment, rising living costs, insecurity and limited economic opportunities?
Oyebanji took the oath of office on Friday at the Ekiti Parapo Pavilion in Ado-Ekiti, becoming the first governor in the state’s history to secure consecutive terms since its creation in 1996. Chief Justice of Ekiti State, Justice Adekanye Ogunmoye, administered the oath to Deputy Governor Monisade Afuye at 1:27 p.m. before swearing in the governor at 1:35 p.m.
The ceremony attracted Vice-President Kashim Shettima, representing President Bola Tinubu; Senate President Godswill Akpabio; serving governors; traditional rulers; political leaders; and former Ekiti governors Ayodele Fayose, Segun Oni and Kayode Fayemi.
The political symbolism was unmistakable. Oyebanji had broken the state’s longstanding pattern of governors failing to secure consecutive mandates, winning re-election with 319,224 votes against 40,543 for his closest challenger, Peoples Democratic Party candidate Oluwole Oluyede, in the June 20 governorship election.
But an overwhelming electoral victory is not a certificate of exceptional governance. Neither does it absolve an administration of scrutiny.
Oyebanji has secured another four years in office. The question now is whether he can justify the confidence voters placed in him or whether his second term will become another exercise in celebrating government statistics while the economic frustrations of ordinary people persist.
Revenue Is Rising, But Where Is The Prosperity?
The administration’s strongest argument for continuity is its reported improvement in internally generated revenue.
When Oyebanji assumed office in October 2022, Ekiti’s monthly internally generated revenue reportedly averaged between ₦650 million and ₦700 million. By 2026, the government said the figure had risen to approximately ₦2.6 billion monthly, with cumulative revenue of ₦88.4 billion over four years.
Data attributed to the Joint Revenue Board also showed that Ekiti recorded a 62.13 per cent increase in internally generated revenue in 2025, outperforming other states in the South-West.
These figures, if sustained, represent a significant fiscal improvement. But revenue generation is a means to an end, not an end in itself.
The central question is what residents have received in return for the additional money flowing into government coffers.
Are more graduates finding decent employment? Are small businesses expanding? Have rural communities gained reliable access to healthcare, clean water, electricity and passable roads? Can households afford basic necessities without sinking deeper into financial distress?
A government cannot indefinitely use increased revenue as evidence of success without demonstrating how that revenue has improved people’s lives.
Ekiti’s economy may be expanding on paper, but the critical test is whether that growth is creating opportunities beyond the civil service and political establishment.
The administration must explain how its fiscal gains are translating into measurable improvements in household incomes, employment, productivity and access to essential services.
Economic Growth Without Enough Jobs
Unemployment remains one of the most uncomfortable tests facing the governor.
Ekiti is home to several higher institutions, including Ekiti State University, the Federal University Oye-Ekiti and Afe Babalola University. Every year, these institutions produce graduates who must compete for limited opportunities in an economy with a relatively narrow industrial base.
A reported unemployment rate of 32.21 per cent points to the scale of the challenge, although the underlying dataset and definition need to be examined before the figure is treated as a current, directly comparable measure.
The reported 2026 state recruitment exercise, which attracted 48,000 applicants for 2,000 positions, offers another indication of the pressure on formal employment opportunities.
For every available position, dozens of applicants were competing for a place.
This is not merely a recruitment problem. It reflects an economy struggling to absorb its workforce.
The government may point to agricultural initiatives, infrastructure contracts and proposed technology investments, but the crucial question is how many sustainable jobs these interventions have created, how many pay decent wages and how many will survive beyond government-supported programmes.
Engaging 5,000 young people in commercial farming is commendable if the initiative delivers measurable results. However, it cannot by itself resolve the employment crisis confronting a state with thousands of graduates and underemployed workers.
Ekiti needs a stronger private sector, agro-processing industries, investment in manufacturing, better access to finance for small businesses and an economic environment that allows enterprises to grow without excessive dependence on government patronage.
Without these changes, the state risks producing graduates whose principal ambition is to secure a government job or migrate elsewhere in search of a livelihood.
That would be a damning indictment of a development model unable to convert education into economic opportunity.
Poverty Figures Do Not Tell The Whole Story
The administration can point to Ekiti’s reported multidimensional poverty rate of 9.5 per cent in the 2026 Global Multidimensional Poverty Index briefing, placing the state among those with comparatively low rates.
But such a statistic should not become an excuse to dismiss the economic difficulties experienced by residents.
Multidimensional poverty measures different dimensions of deprivation and should not be confused with income poverty. The methodologies, reference periods and populations covered by different poverty assessments must be considered before their results are compared.
More importantly, a favourable statewide indicator does not mean that every household is doing well.
Residents continue to face questions about purchasing power, the cost of food, access to healthcare, employment and the circulation of money within local communities.
A teacher interviewed ahead of the election acknowledged improvements in agriculture and roads but expressed deep dissatisfaction with security and the broader economic situation. Other residents pointed to unemployment, underemployment and the continued migration of young people to larger cities.
