President Muhammadu Buhari has promised to spend the excess revenue from the rise in the global price of crude oil, on infrastructural projects.
Buhari who made the pledge while receiving a delegation of ENI oil from Italy at the Presidential Villa, Abuja, listed the infrastructural projects to benefit from his proposal as rail, road and power.
He explained that the extra revenue is oil export revenue above the 2018 budget benchmark.
The oil benchmark of 2018 budget is $45 per barrel by the Presidency, raised to $47 by the Senate, while the price in the world oil market has shoot upward to $70.
Buhari expressed concern that none of the four refineries in the country is operating up to 50 percent of their installed capacity of 445,000 barrels daily.
Chief upstream officer of ENI, Antonio Veile, told Buhari the company had presented a technical proposal to the Nigerian National Petroleum Corporation (NNPC) for the rehabilitation of the Port Harcourt refinery.
He added that a feasibility study was also submitted to NNPC on a new 150,000 barrel per day refinery project.