We will spend oil boom proceeds on infrastructure - President

President Muhammadu Buhari has pledged that the income accrued by Nigeria on rising oil prices will be spent on infrastructural development.

In a statement by Femi Adesina, Special Adviser to the President on Media and Publicity, Buhari made this known after receiving a delegation from Eni, led by the Chief Upstream Officer, Antonio Vella on Friday, January 26, 2019.

President Buhari stressed that the 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."

This is because oil prices have risen to $70 per barrel contrary to the $45 with which the 2018 budget 2018 provisions had been predicated on.

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Buhari appreciates Eni delegates

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.

He said: "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."