Former Vice President Atiku Abubakar has criticised the economic situation in Nigeria under President Bola Tinubu, describing the rising cost of living and cooking gas as unbearable for ordinary citizens.
Atiku also condemned the economic challenges forcing bakery businesses to shut down, following reports that the Premium Breadmakers Association of Nigeria had lost nearly 40 per cent of its membership within two years.
In a statement issued in Bauchi on Saturday by his Director of Strategic Communication at the African Democratic Congress (ADC) Presidential Campaign Council and Senior Special Assistant on Public Communication, Phrank Shaibu, Atiku said he was in the state to continue his affordable life campaign and sympathise with Nigerians struggling with the effects of the Tinubu administration’s policies.
He described the decline in the association’s membership as evidence of the damaging effects of high production costs, rising interest rates and increasing energy prices on businesses.
According to him, several bakeries have closed, resulting in job losses and higher bread prices, making it increasingly difficult for millions of Nigerian families who depend on bread as a daily food staple.
Atiku said the rising cost of cooking gas had further worsened the situation, noting that a kilogramme now sells for as much as N1,800 in Abuja and N1,650 in parts of Lagos and Ogun states.
He added that depot prices reportedly increased by 31.8 per cent within one month, rising from N1,100 to N1,450 per kilogramme.
The former vice president noted that energy expenses account for about half of bakery production costs, citing an operator whose monthly diesel expenditure reportedly increased from N9 million to N19 million.
He further explained that small bakery operators require between N40 million and N50 million to switch to alternative energy sources, while businesses seeking loans face interest rates of up to 34 per cent.
Atiku described the Federal Government’s economic reforms as a failure, arguing that farmers, manufacturers and bakers were all struggling under the current administration.
He also questioned the government’s accumulation of domestic and foreign loans despite the difficulties facing local businesses, alleging that the borrowed funds could be fuelling corruption.
He said improving local production across all sectors of the economy, beyond crude oil refining, would be a major priority of his administration.
Atiku added that his Economic Recovery Plan recognised the challenges facing farmers, manufacturers, bakers and other players in the local production sector, assuring them that their concerns were reflected in his policy objectives.
He called on the Federal Government to urgently tackle rising energy costs and provide affordable financing to prevent productive businesses from shutting down.
The former vice president maintained that the closure of bakeries and increasing production expenses would continue to threaten jobs and push up the prices of essential food items.
He reaffirmed his commitment to building an economy that encourages local production, protects employment and makes life more affordable for Nigerian families.
