The state governor, Chief Nyesom Wike disclosed this in Port Harcourt, the state capital, on Thursday during Chamber of Commerce Business Luncheon, where he said the recovery was achieved through the thoroughness of the verification.
The Governor, who was represented by his deputy, Dr Ipalibo Harry, described the recovery as a good fortune for the state, especially in the face of declining revenue.
He said that the government had also reduced its overhead expenditure to about 40 per cent as a way of adapting to the prevailing economic reality.
Wike further stated that measures are being put in place to help the government generate enough funds to address infrastructural challenges.
He said, “We are working to generate internal funds so that we can effectively tackle infrastructural challenges in the areas of roads, hospitals and schools.
“Such move is in keeping with our promises of ensuring adequate social services and good governance for the people of the state.’’
The President of the chamber, Dr Emi Membere-Otaji, pointed out that the country’s economy was ‘over stressed’ due to over reliance on oil.
Membere-Otaji said that there was need for governments at all levels to carry out massive investor-enlightenment to open up other areas of the economy.
He said, “The over-dependence on oil and gas has taken the nation backward and left the citizenry impoverished.
“The time to act is now; the citizenry and the investing public must have the enabling environment to venture into other investible areas.
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