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Oil Price: We Will Not Repeat Mistake Of The Past

President Muhammadu Buhari says his administration will ensure that proceeds from rising oil prices will be put to good use and We will not repeat the mistakes of the past.

Brent crude, the international benchmark of crude oil, traded at $70.55 on Friday.

In a series of tweets on Saturday, Buhari said the additional income from oil would be used to finance infrastructural projects such as roads, rail and power.

“I want to assure Nigerians that every additional income that comes to the Federal Government in 2018, from the rising price of crude oil, will be deployed to infrastructure projects: roads, rail, and power, for the benefit of all our people,” Buhari tweeted.

“We will not repeat the mistakes of the past, when as a country we failed to fully utilize rising oil prices to develop our infrastructure. Our administration’s pledge to you is that we will make every Naira count, for the development of Nigeria.”

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