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Extra income from rising oil prices will go for infrastructure -Buhari

Income accruing to the country from rising oil prices in the international market will be spent on infrastructural development, President Muhammadu Buhari has pledged.
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, 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.
Leader of the Eni delegation, Mr Antonio Vella, said his organization has presented a technical proposal to the 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.
“Site selection has been completed, and 50 new graduates have already arrived in Italy for a training that will last seven months.
“ There are other upstream initiatives, and a deep water project, with estimated expenditure of $13 billion,” Vella disclosed.
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.

Sunday Olatunji
Dele Fashomi, seasoned journalist and communication teacher, is a holder of Master of Arts degree in Communication and Language Arts from the University of Ibadan in 1992/93. Earlier, he had bagged a Bachelor degree from the same university in 1984, after which he proceeded to the Nigerian Institute of Journalism, Lagos, in 1990, for a postgraduate diploma in Journalism. He had done many courses in communication, including the EU-BBC Editing Course in 2002. Mr. Fashomi combines effectively the practice, research and teaching of communication. And to date, he has published two academic works in communication: Issues in Communication Technology and Policy (2010) and Economic and Social Issues in Advertising and PR (2013). He had his first break in the Nigerian media in Concord Newspapers in 1990 and today, he has over two and half decades experience earned in several newspapers. He has been part of many start-ups, such as The Republic (1987), The Comet (1999), The Anchor 2001 - 2002; Sun Newspapers (2003); Westerner newsmagazine (2005 - 2010) as Editor; National Life (2011) as Sunday Editor, and Newswatch Newspapers (2012- 2016) as Daily Editor. Dele Fashomi is now the Publisher/Editor-in-Chief of Newstide247.com newspaper online, which he started in July 2015. He is also into biography writing, with many books in his trail, some of which he wrote alone and one he co- authored with his mentor, Mr Dare Babarinsa, entitled:  Olabiyi Durojaiye - DARE TO BE DiFFERENT. He also guided and collaborated with Pa Olatunji Odusanya in writing his autobiography - AGAINST ALL ODDS. There are many other books in the works under his pen.
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