Former Vice-President Atiku Abubakar has accused President Bola Tinubu’s economic policies of worsening operating conditions for businesses, saying nearly 40 per cent of members of the Premium Breadmakers Association of Nigeria have been forced out of business in the last two years.
Atiku said the development reflected the mounting pressure on local businesses from rising energy costs, high interest rates and escalating production expenses.
He warned that the closure of bakeries was threatening jobs, weakening local production and making bread, a staple food for millions of Nigerians, increasingly unaffordable.
The African Democratic Congress (ADC) presidential candidate stated this in a statement issued on Saturday in Bauchi by his Director of Strategic Communication, ADC Presidential Campaign Council, and Senior Special Assistant on Public Communication, Phrank Shaibu.
Atiku, who was in Bauchi to promote his affordable life campaign, said he was also using the visit to sympathise with Nigerians struggling with the rising cost of living under the Tinubu administration.
He argued that the reported loss of nearly 40 per cent of the association’s membership within two years underscored the difficulties confronting businesses in the country.
The former vice-president said the crisis was not limited to the baking industry, as rising energy prices were also placing enormous pressure on households and other productive sectors.
He cited cooking gas prices of ₦1,800 per kilogramme in Abuja and ₦1,650 in parts of Lagos and Ogun states, adding that depot prices had reportedly increased by 31.8 per cent in one month, from ₦1,100 to ₦1,450 per kilogramme.
According to him, the rising cost of energy has become a major threat to bakery operations, with energy reportedly accounting for about half of production expenses.
Atiku further cited the case of a bakery operator whose monthly diesel expenditure allegedly jumped from ₦9 million to ₦19 million.
He said smaller bakeries could require between ₦40 million and ₦50 million to transition to alternative energy sources, while businesses seeking loans were being confronted with interest rates of up to 34 per cent.
Reacting to the situation, Atiku said the difficulties confronting farmers, manufacturers and bakers raised questions about the impact of the Federal Government’s economic reforms on local production.
“From farmers to manufacturers and now bakers, the verdict on Tinubu’s economic reforms cannot be clearer: they have been a monumental failure,” he said.
He also questioned the continued accumulation of domestic and foreign loans by the Federal Government amid the reported difficulties facing local businesses.
“The irony is that while the economy is falling under Bola Tinubu’s watch, his government has accumulated local and foreign loans in astronomical figures.
“If local businesses are dying while the government continues to borrow, Nigerians are entitled to ask where these loans are going. One is forced to conclude that they are feeding the corruption in Tinubu’s government,” Atiku alleged.
The ADC chieftain said improving domestic production across different sectors would form a central pillar of his economic recovery agenda, stressing that economic development should extend beyond crude oil refining.
He declared that his proposed economic plan would prioritise farmers, manufacturers, bakers and other businesses involved in local production.
“The major policy plank of my administration will be to improve local production in every sphere of the economy, not just crude oil refining.
“To farmers, manufacturers, bakers and everyone involved in local production: the Atiku Economic Recovery Plan understands your pains, and your concerns are captured in my policy objectives,” he said.
Atiku called on the Federal Government to urgently address rising energy costs and the limited access to affordable financing, warning that continued business closures would worsen unemployment and increase the cost of basic food items.
He reaffirmed his commitment to an economic framework focused on supporting local industries, protecting jobs and improving the affordability of essential goods for Nigerian households.
