Tinubu Announces Interest-Free Loans for Farmers, Releases New Plan
- President Bola Tinubu has pledged during a campaign rally at Dutse Township Stadium in Jigawa State
- Tinubu also commissioned 400 tractors and other agricultural equipment acquired by the Jigawa State government
- The President defended the removal of the petrol subsidy and unveiled the APC campaign manifesto titled From reforms to prosperity
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Legit.ng journalist Dave Ibemere has over a decade of experience in business journalism, with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
President Bola Tinubu has promised interest-free loans for small-scale farmers as part of his administration's efforts to boost food production and strengthen food security across Nigeria.
Tinubu pledged on Tuesday, November 10, at Dutse Township Stadium in Jigawa State, where he also commissioned 400 tractors and other agricultural machinery acquired by the state government to promote mechanised farming.
Source: Getty Images
He said:
"We will reward small-scale farmers. Interest-free loans for farmers are coming. Prosperity is coming. Food security will happen."
The President thanked Jigawa residents for their support and urged them to vote for the All Progressives Congress (APC) in the 2027 general elections, where he is seeking a second four-year term in office.
Tinubu defends petrol subsidy removal
Tinubu also addressed criticism of his administration's removal of the petrol subsidy, which he announced on May 29, 2023, during his inauguration.
The policy triggered a sharp increase in fuel prices and contributed to higher transportation costs, food prices and the cost of other essential goods.
He argued that ending what he described as wasteful subsidy spending had freed up government resources for infrastructure and other critical investments.
The President also dismissed opposition politicians promising to restore the subsidy, questioning how they would finance such a commitment.
He asked:
"You have seen what we are doing. Across the country, no region is left behind. Those who think they should bring the subsidy back are liars. How will they pay for those commitments? How will you repair the roads? How will you maintain them? How will you function?"
Source: Getty Images
The rising cost of living following the subsidy removal remains a major concern for Nigerian households and a key issue ahead of the 2027 elections.
He also unveiled the APC's campaign manifesto, titled From reforms to prosperity, which he described as a framework for building on existing economic reforms, expanding opportunities and delivering shared prosperity, Punch reports.
The President also reiterated his commitment to tackling insecurity, promising improved welfare and better salaries for members of the armed forces and the police.
FG opens portal, Nigerians can borrow up to N300,000 easily
Earlier, Legit.ng reported that the Nigerian government is set to empower market women, small-scale traders, and artisans with access to zero-interest loans of up to N100,000 through its upcoming programmes, MarketMoni and TraderMoni.
MarketMoni will provide market women with interest-free loans to grow working capital, restock inventory, and expand their businesses.
Beneficiaries will enjoy zero collateral, a 3-month moratorium before repayment, and nationwide coverage across all six geopolitical zones.
Source: Legit.ng
