Former Vice-President Atiku Abubakar has criticised President Bola Tinubu’s economic policies, 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 rising energy costs, high interest rates and increasing production expenses had pushed many bakeries to shut down, resulting in job losses and higher bread prices across the country.
He made the remarks in a statement issued in Bauchi on Saturday by Phrank Shaibu, his Director of Strategic Communication at the African Democratic Congress (ADC) Presidential Campaign Council and Senior Special Assistant on Public Communication.
The former vice-president, who said he was in Bauchi to promote his affordable life campaign, described the reported decline in the association’s membership as evidence of the hardship facing businesses under the Tinubu administration.
He said the closure of bakeries had worsened the economic difficulties of millions of Nigerians who depend on bread as a staple food.
According to him, the rising cost of cooking gas has also compounded the burden on households, with the product selling for as much as N1,800 per kilogramme in Abuja and N1,650 in parts of Lagos and Ogun states.
The statement said depot prices of cooking gas reportedly increased by 31.8 per cent within one month, rising from N1,100 to N1,450 per kilogramme.
Atiku said the situation had left families struggling with the double burden of rising food prices and the cost of preparing meals.
He cited energy expenses as one of the major challenges confronting bakeries, saying they account for about half of their production costs.
The statement also cited the experience of a bakery operator whose monthly diesel expenditure reportedly increased from N9 million to N19 million.
It added that small bakeries could require between N40 million and N50 million to switch to alternative energy sources, while businesses seeking loans were being quoted interest rates of up to 34 per cent.
