Extra Income From Oil To Go For Infrastructure – Buhari

President Muhammadu Buhari has said income accruing to the country from rising oil prices in the international market is to be deployed to infrastructural development.

Stating this while receiving a delegation from Eni, led by the Chief Upstream Officer, Mr Antonio Vella, the President said extra funds outside the provision of year 2018 budget “will be deployed to infrastructure projects like roads, rail, and power, for the good of our people, and for the development of the country.”

According to a statement issued on Friday by Femi Adesina, Special Adviser to the President on Media and Publicity, the President was quoted as saying the extra cash from the rise in prices of oil will help the nation’s infrastructure.

Budget 2018 provisions had been predicated on $45 per barrel by the Executive, and the Senate had adjusted it to $47 per barrel. Oil prices have, however, risen to over $70 per barrel, this week.

“In my first coming, all our refineries were working. Port Harcourt used to refine 60,000 barrels per day, and it was later upgraded to 100,000 barrels. Kaduna and Warri were also working optimally, and we used to satisfy the demand of the local market.

“We equally exported 100,000 barrels of refined petrol. Now, no refinery is performing up to 50%. It is a disgraceful thing,” the President was quoted as saying.

Leader of the Eni delegation, Mr Antonio Vella, told the president that his company has presented a technical proposal to the NNPC on the rehabilitation of the Port Harcourt refinery, including a feasibility study on the setting up of a 150,000 barrels per day capacity new refinery.

“Site selection has been completed, and 50 new graduates have already arrived in Italy for a training that will last seven months.

“There are other upstream initiatives, and a deep water project, with estimated expenditure of $13 billion,” Vella disclosed.