President Bola Tinubu has firmly ruled out any return of petrol subsidy, telling a campaign crowd in Jigawa State that claims the government is planning to bring it back are misleading. Speaking in Dutse, the state capital, the President also promised interest-free loans for smallholder farmers and a national network of mechanised farming centres if he wins a second term in 2027.
The comments, made on Tuesday at the Dutse Township Stadium during a combined APC presidential campaign rally and project-commissioning event, come as Nigerians continue to pay well over N1,300 a litre for petrol despite a steep drop in global crude prices.
“It’s not going to come back”
According to Channels Television, Tinubu dismissed suggestions that the Federal Government was considering reinstating the subsidy, urging Nigerians not to be deceived by those making the claim. P.M. News reported that he defended the 2023 removal of the subsidy as the decision that made the country’s current development possible, arguing that Nigeria could not have progressed as it has without it.
Tinubu removed petrol subsidy in his inauguration speech in May 2023. The move, followed by the unification of exchange rates, sent pump prices and inflation sharply higher in the following months, and the policy remains one of the most debated issues heading into the January 2027 elections. Opposition parties have regularly blamed it for the rising cost of living, while the government says the savings are being channelled into infrastructure, social programmes and debt reduction.
Interest-free loans and mechanisation centres for farmers
On agriculture, Tinubu announced plans to introduce interest-free loans for smallholder farmers and to establish mechanised farming service centres in each of the country’s six geopolitical zones, Channels reported. The Authority newspaper also highlighted the loan pledge in its coverage of the rally.
The President did not give details of how the loans would be funded, how much would be available or when the scheme would start. Existing federal support to farmers is largely delivered through the Bank of Agriculture, which currently offers single-digit-interest loans rather than interest-free credit, along with subsidised tractor hire under the Renewed Hope agricultural mechanisation programme.
Tinubu also said his government would work to improve electricity supply, widen opportunities for small and medium-sized businesses, create jobs and give young people relevant skills.
Projects commissioned in Jigawa
According to P.M. News, the President commissioned four projects executed by the Jigawa State Government of Governor Umar Namadi:
- the Bola Ahmed Tinubu Skills Acquisition Centre;
- the dualised 3.5-kilometre Garu Road in Dutse;
- a fleet of agricultural machinery made up of 400 tractors and 60 combine harvesters; and
- the Renewed Hope Technical Services Centre in Limawa, Dutse.
Namadi thanked the President for the visit and said combining the campaign rally with the commissioning showed the link between the federal Renewed Hope Agenda and his own 12-point agenda for the state. Tinubu praised the governor’s performance and urged residents to back his re-election bid.
Pump prices still high despite cheaper oil
The subsidy debate is sharpened by the gap between global oil prices and what motorists pay. Global oil prices have fallen from a September peak of around $115 a barrel to below $90, yet petrol has been selling for roughly N1,325 to N1,420 a litre in Lagos and Abuja, according to market reports this week. The Federal Competition and Consumer Protection Commission (FCCPC) says it is monitoring prices to ensure consumers benefit from any savings.
At the wholesale level, Dangote Petroleum Refinery raised its gantry price to N1,300 a litre on November 3 from N1,215, reversing two earlier cuts as it moved to a fixed-naira pricing arrangement, Legit.ng and The News Chronicle reported. The naira, meanwhile, traded at about N1,351 to the dollar at the official window on Tuesday, roughly 8% stronger than at the end of 2025, which has eased import costs somewhat.
What happens next
With the subsidy question now a campaign issue, the opposition is likely to keep pressing the government on fuel and food prices. Farmers’ groups will be watching for details of the interest-free loan scheme, including its size, eligibility rules and whether funds will be available before the 2027 dry and wet seasons. For motorists, the more immediate question is whether marketers will pass on the drop in crude prices at the pump in the coming weeks.
Sources: Channels Television, P.M. News, The Authority, Legit.ng, The News Chronicle, Central Bank of Nigeria data.
