President Muhammadu Buhari has pledged that income accruing to the country from Rising Oil Prices in the international market will be spent on infrastructural development, Premium Times reports.
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.”
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 $70 per barrel, recently. 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.
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