NIGERIA: President Tinubu Rules Out Fuel Subsidy Return, Promises Interest-Free Loans For Farmers

President Bola Tinubu has ruled out any plan to restore fuel subsidy, describing reports suggesting a possible reversal of the policy as false.

He also promised interest-free loans and other support for small-scale farmers as part of efforts to boost food production and improve the economy.

Tinubu made the remarks on Tuesday during an All Progressives Congress rally in Dutse, Jigawa State, where he defended his administration’s economic policies and outlined plans for agriculture, electricity, security and job creation.

The President said restoring fuel subsidy would undermine the government's ability to invest in critical infrastructure and social programmes.

“Those who say subsidy is coming back is a lie. Don’t let them lie to you again. It is not going to come back. We cannot spend the future of our children today and feel that they will owe tomorrow,” he said.

He argued that retaining the savings from subsidy removal would enable the government to channel more resources into education, agriculture and infrastructure.

On agriculture, Tinubu promised interest-free loans for small-scale farmers, alongside subsidies and other incentives to increase food production.

“There will be interest-free loans for small-scale farmers. Prosperity is coming. Food security will happen,” he said.

He also announced plans to establish mechanised farming service centres across the six geopolitical zones, while universities would be encouraged to contribute more to agricultural research and development.

Tinubu expressed confidence that Nigeria could achieve food security and reduce food prices through mechanisation, irrigation and better utilisation of its arable land.

“We have the arable land. We have the commitment. We have the people. We can feed ourselves and we will bring the food prices down to the minimum,” he added.

On electricity, the President promised Nigerians a reliable power supply, saying his administration would move beyond what he described as an ineffective privatisation arrangement.

“We will provide you with reliable power in Nigeria,” he said.

He further pledged to strengthen the country's industrial base, support small and medium-scale businesses, create more jobs and equip young Nigerians with relevant skills.

Addressing insecurity, Tinubu urged residents to cooperate with security agencies by providing useful information about suspicious activities and reporting threats promptly.

He said the Federal Government was strengthening the police and armed forces while improving the welfare of security personnel.

“We are working hard to ensure that Nigeria is safe and our forces are well taken care of. We will conquer insecurity,” he assured.

The President also defended the establishment of the Nigeria Education Loan Fund, describing it as a tool for fighting poverty.

He said funds recovered from financial irregularities by the Economic and Financial Crimes Commission would be channelled towards supporting the education of Nigerian children through the scheme.

Tinubu also outlined his administration's development priorities, including investment in healthcare, affordable housing, secure land ownership, reliable electricity and opportunities across local governments.

He commended Jigawa State Governor Umar Namadi for his administration's performance and urged residents to support his re-election for a second term.

The President's visit to Jigawa included the commissioning of development projects and the flag-off of the distribution of 400 tractors, 60 combine harvesters and other agricultural equipment.