Atiku Abubakar Criticizes Tinubu's Economic Policies Amidst Rising Costs and Bakery Closures

Former Vice President Atiku Abubakar has attributed the loss of nearly 40% of the Premium Breadmakers Association of Nigeria's membership over two years to the rising cost of doing business under President Bola Tinubu's administration. Soaring energy costs, high interest rates, and increasing production expenses have forced several bakeries to shut down, resulting in job losses and higher bread prices for millions of Nigerian households. Atiku's statement was issued in Bauchi on Saturday by his Director of Strategic Communication and Senior Special Assistant on Public Communication, Phrank Shaibu.

Atiku described the association's membership decline as evidence of the pressure facing businesses operating in Nigeria's high-cost economy. The consequences are already evident across the country, with bakery closures, job losses, and rising bread prices making life harder for households that depend on bread as a staple. He noted that the pressure extends beyond bakeries, citing the rising cost of cooking gas, which has reached ₦1,800 per kilogram in Abuja and ₦1,650 in parts of Lagos and Ogun states.

According to the statement, depot prices of cooking gas reportedly increased by 31.8% in one month, from ₦1,100 to ₦1,450 per kilogram, further compounding the financial burden on households. Atiku emphasized that energy costs account for about half of bakery production expenses, citing the case of an operator whose monthly diesel bill reportedly increased from ₦9 million to ₦19 million. He added that small-scale bakeries require between ₦40 million and ₦50 million to switch to alternative energy sources.

Atiku also highlighted the challenges businesses face when seeking loans, with interest rates of up to 34%. He stated that the economic reforms under Tinubu's administration have been a monumental failure. The former vice president criticized the government's accumulation of local and foreign loans in astronomical figures, questioning where these loans are being utilized.

Atiku outlined his plans to improve local production in every sphere of the economy, not just crude oil refining, as part of his administration's policy objectives. He called on the Federal Government to urgently address rising energy costs and the lack of affordable financing, warning that continued pressure on productive businesses could trigger further closures, job losses, and increases in the prices of essential goods.

The former vice president reaffirmed his commitment to promoting local production, protecting jobs, and reducing the cost of living for Nigerian families. Atiku's statement comes as Nigerians face soaring costs of living due to increased fuel and cooking gas prices. His affordable life campaign aims to sympathize with Nigerians struggling with the economic impact of government policies.

Atiku concluded by emphasizing that his administration's economic recovery plan understands the pains of local producers, including farmers, manufacturers, and bakers. He urged the government to take immediate action to address the challenges faced by businesses and households, ensuring a more stable and affordable economic environment for Nigerians.

Key points

• Atiku Abubakar criticizes President Bola Tinubu's economic policies for causing a 40% decline in the Premium Breadmakers Association of Nigeria's membership.
• Rising energy costs, high interest rates, and increasing production expenses have forced several bakeries to shut down, resulting in job losses and higher bread prices.
• Atiku outlines his administration's plan to improve local production, promote affordable financing, and reduce the cost of living for Nigerian families.