Buhari: It’s disgraceful refineries work below 50%

President Muhammadu Buhari says it is disgraceful that none of the nation’s refineries is performing up to 50 percent capacity.

He spoke at the Aso Rock Presidential Villa in Abuja yesterday while receiving a delegation from oil firm, Eni, led by its Chief Upstream Officer, Mr Antonio Vella.

“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,” he said.

Buhari, according to a statement by his spokesman Mr Femi Adesina, promised that income accruing to Nigeria from rising oil prices in the international market would be spent on infrastructure development.

The president said extra funds outside the provision of year 2018 budget would be deployed to roads, rail and power for the good of the people and the development of the country.

The 2018 budget provisions had been predicated on $45 per barrel, but the Senate had adjusted it to $47 per barrel. Oil prices have, however, risen to $70 per barrel this week.

President Buhari appreciated Eni for its upcoming investments in the oil industry which include rehabilitation of the Port Harcourt refinery as well as the building of a new one.

Earlier, Vella had told Buhari that his organization had presented a technical proposal to the Nigerian National Petroleum Corporation to rehabilitate the refinery and had done a feasibility study on a new refinery of up to 150,000 barrels per day capacity.