Former Vice President Atiku Abubakar has criticised the economic policies of President Bola Tinubu’s administration, blaming rising energy costs, high interest rates and increasing production expenses for the reported loss of nearly 40 per cent of members of the Premium Breadmakers Association of Nigeria within two years.
Atiku described the development as evidence of the worsening economic challenges confronting local businesses, warning that the collapse of bakery businesses was taking a heavy toll on employment and the affordability of basic food items across the country.
In a statement issued in Bauchi through the Director of Strategic Communication of the African Democratic Congress (ADC) Presidential Campaign Council, Atiku said the closure of bakeries reflected the difficulties facing businesses operating in an economy characterised by soaring operational costs.
The former vice president, who said he was in Bauchi to continue promoting his affordable life campaign, also expressed sympathy with Nigerians struggling with the economic consequences of the Tinubu administration’s policies.
He noted that the loss of nearly 40 per cent of the association’s membership within two years was a troubling indication of the pressure on businesses in the country’s food production sector.
According to him, the consequences include the closure of bakeries, loss of jobs and a significant increase in bread prices, further worsening the financial burden on millions of Nigerian households that depend on bread as a staple food.
Atiku also raised concerns over the rising cost of cooking gas, stating that the product now sells for as much as ₦1,800 per kilogram in Abuja and ₦1,650 in parts of Lagos and Ogun states.
He further cited reports indicating that depot prices increased by 31.8 per cent within one month, rising from ₦1,100 to ₦1,450 per kilogram.
The ADC chieftain said energy expenses account for approximately half of the production costs of many bakeries, adding that some operators were struggling to remain in business as diesel prices and other operational expenses continued to rise.
He cited the case of a bakery operator whose monthly diesel expenditure reportedly increased from ₦9 million to ₦19 million, while noting that small-scale bakeries could require between ₦40 million and ₦50 million to transition to alternative energy sources.
Atiku further lamented the difficulty of accessing affordable financing, alleging that some businesses seeking loans were being confronted with interest rates as high as 34 per cent.
He argued that the challenges confronting farmers, manufacturers and bakers demonstrated the need for a reassessment of the Federal Government’s economic policies.
Describing Tinubu’s economic reforms as a failure, Atiku also questioned the rising debt profile of the country, asking why local businesses continued to struggle despite the Federal Government’s accumulation of domestic and foreign loans.
He alleged that the loans had not translated into meaningful support for productive businesses and raised concerns about transparency and accountability in the management of public funds.
Outlining his economic priorities, the former vice president said his proposed administration would prioritise local production across different sectors of the economy rather than concentrating primarily on crude oil refining.
He maintained that his Atiku Economic Recovery Plan was designed to address the challenges confronting farmers, manufacturers, bakers and other players in the productive sector.
Atiku consequently urged the Federal Government to urgently address rising energy costs and the shortage of affordable financing, warning that continued pressure on businesses would lead to further closures, unemployment and higher food prices.
He reaffirmed his commitment to building an economy that encourages local production, protects jobs and makes essential goods and services more affordable for Nigerian families.
