Income from rising oil prices will go for infrastructure, says Buhari - Oasis Connect || No 1 Entertainment Blog

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Income from rising oil prices will go for infrastructure, says Buhari

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President Muhammadu Buhari Photo Credit:Bayo Omoboriowo

President Buhari has pledged to spend the income accruing to the country from the rising oil prices in the international market on infrastructural development.

Receiving a delegation from Eni Group , led by the Chief Upstream Officer , Antonio Vella, the President said extra funds outside the provision of this year ’ s 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 . ”

Buhari recalled this year’ s budget provisions had been predicated on $ 45 per barrel by the executive , which the senate had adjusted to $ 47 per barrel , compared to $ 70 per barrel this week.

The President also appreciated Eni for its upcoming investments in the oil industry , which include rehabilitation of Port Harcourt Refinery and the building of a new one.

“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 per cent . It is a disgraceful thing , ” he said.

Vella said his organisation has presented a technical proposal to the Nigerian national Petroleum Corporation (NNPC) to rehabilitate the Port Harcourt Refinery and also done a feasibility study on a new refinery of up to 150 , 000 barrels per day capacity.

The oil company also plans to double power generation capacity from its plant in Delta State from its present 500 MW to 1 , 000 MW, spending $ 750 million in the process .

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