Extra money realized from the sale of petrol will be used for infrastructure - Buhari

President Muhammadu Buhari says the extra income derived from the oil sector would be spent on projects like roads, rail, and power.

Buhari said this when Antonio Vella, chief upstream officer of Eni, led a delegation to the presidential villa in Abuja on Friday.

The provisions of the 2018 budget 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 $70 per barrel, this week.

Buhari also lamented that no Nigerian refinery currently performs up to 50 percent capacity.

He recalled that during his tenure as a military head of state, all the nation’s refineries were working.

“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,” he said.

“Kaduna and Warri were also working optimally, and we used to satisfy the demands of the local market. We also exported 100,000 barrels of refined petrol.

“Now, no refinery is performing up to 50%. It is a disgraceful thing.”