By John Ighodaro
CALABARâ€”Governor Liyel Imoke of Cross River State has commended the Federal Government for giving the state some sort of compensation for the loss of Bakassi.
Imoke, who spoke at a media parley at Government Lodge, Calabar, said the revenue of the state has improved from the Federation Account with the release of funds, which Cross River lost as a result of the ceding of Bakassi to Cameroon.
He, however, stressed that the 76 oil wells, which were taken from the state and given to Akwa Ibom State were yet to be returned. On the debt burden of the state, he said the state spends 47 percent of its revenue, which amount to about N700 million monthly, on debt servicing.
According to Imoke, the state guaranteed the debts of Tinapa and other projects of significants and it needs some sort of restructuring to reserve some revenue for development because it was duty bound to attend to the needs of the people, who elected the government.
He admitted that the tourism programme of the state has made remarkable progress as the private sector had keyed into its carnival to make it private sector driven and has generated income especially to the locals that have participated fully.