Atiku Abubakar Criticizes Tinubu's Economic Policies Amidst 40% Decline in Nigerian Bakers

Former Vice President Atiku Abubakar has expressed concern over the devastating economic conditions affecting Nigerian bakers, with nearly 40% of the Premium Breadmakers Association of Nigeria's membership ceasing operations in just two years. He attributed this decline to soaring energy costs, high interest rates, and rising production expenses. Atiku, the African Democratic Congress presidential candidate, made these remarks in a statement issued in Bauchi, where he was preaching his affordable life campaign and sympathizing with Nigerians impacted by the Tinubu administration's policies.

Atiku's statement highlighted the consequences of the high-cost economy, including bakery closures, job losses, and a sharp increase in bread prices. Many families rely on bread as a staple, and each price increase makes feeding their households more challenging. The pressure extends beyond bakeries, with cooking gas prices rising to ₦1,800 per kilogram in Abuja and ₦1,650 in parts of Lagos and Ogun. Depot prices reportedly increased by 31.8% in one month, from ₦1,100 to ₦1,450 per kilogram.

According to Atiku, energy accounts for about half of the production costs for bakers. One operator's monthly diesel bill rose from ₦9 million to ₦19 million, and small bakeries may need ₦40 million to ₦50 million to switch to alternative energy. Businesses seeking loans are being quoted interest rates as high as 34%. Atiku described the verdict on Tinubu's economic reforms as a "monumental failure," citing the impact on farmers, manufacturers, and bakers.

Atiku also criticized the Tinubu administration's accumulation of local and foreign loans in astronomical figures, despite the decline of local businesses. He suggested that Nigerians are entitled to ask where these loans are going, implying that they may be feeding corruption in the government. In contrast, Atiku's Economic Recovery Plan aims to improve local production in every sphere of the economy, not just crude oil refining.

The ADC flag bearer emphasized the need for the Federal Government to urgently address energy costs and the lack of affordable financing driving productive businesses out of operation. He reaffirmed his commitment to building an economy that supports local production, protects jobs, and makes life affordable for Nigerian families. Atiku's plan aims to capture the concerns of farmers, manufacturers, bakers, and everyone involved in local production.

Atiku's statement comes as Nigerians face increasing hardship due to the rising cost of living. The impact of the high-cost economy is being felt across the country, with many businesses struggling to stay afloat. Atiku's call for urgent action to address energy costs and financing is a nod to the growing concerns about the economic situation in Nigeria.

The situation facing Nigerian bakers is a stark reminder of the challenges faced by businesses in the country. With energy costs and interest rates remaining high, many businesses may be forced to close, leading to job losses and increased hardship for Nigerians. Atiku's criticism of Tinubu's economic policies highlights the need for a more effective economic strategy to support local production and protect jobs.

Key points

• Atiku Abubakar criticizes Tinubu's economic policies for driving 40% of Nigerian bakers out of business due to high energy costs and interest rates.