The price of crude oil is looking up and President Muhammadu Buhari says extra income from sales will be invested in building infrastructure.

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.”

The plan was announced in a statement issued on Friday by a spokesman for the President, Mr Femi Adesina.

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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.

President Buhari also appreciated Eni for its upcoming investments in the oil industry, which included 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%. It is a disgraceful thing,” the President said.

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