The African Democratic Congress (ADC) presidential candidate, Atiku Abubakar, has criticised President Bola Tinubu over the closure of bakery businesses across Nigeria.
This was just as he described the incumbent administration’s economic reforms as a “monumental failure”.
Atiku’s criticism followed reports that the Premium Breadmakers Association of Nigeria had lost nearly 40 per cent of its membership within two years, amid rising energy costs, high interest rates and increasing production expenses.
In a statement issued in Bauchi on Saturday by his Director of Strategic Communication and Senior Special Assistant on Public Communication, Phrank Shaibu, Atiku said the development reflected the growing difficulties confronting Nigerian businesses under the Tinubu administration.
The former vice president, who said he was in Bauchi to continue promoting his affordable life campaign, also expressed sympathy for Nigerians struggling with the rising cost of living.
He said the decline in the association’s membership demonstrated the impact of economic policies on businesses and ordinary citizens, adding that several bakeries had shut down, resulting in job losses and increased bread prices.
Atiku noted that the rising cost of energy had further compounded the difficulties facing households, particularly as cooking gas prices had climbed to N1,800 per kilogram in Abuja and N1,650 in parts of Lagos and Ogun states.
He also cited a reported 31.8 per cent increase in depot prices within one month, from N1,100 to N1,450 per kilogram.
According to the former vice president, energy accounts for approximately half of bakery production costs, with one bakery operator’s monthly diesel expenditure reportedly increasing from N9 million to N19 million.
He added that small-scale bakeries could require between N40 million and N50 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 challenges facing farmers, manufacturers and bakers reflected what he described as the failure of Tinubu’s economic reforms.
“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 Federal Government’s borrowing despite the difficulties confronting local businesses, alleging that the loans had not translated into improved economic conditions for Nigerians.
“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 stated.
The ADC presidential campaign figure said improving local production across different sectors of the economy would be a major priority of his administration, if elected.
“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 added.
Atiku called on the Federal Government to urgently address the rising cost of energy and the difficulty businesses face in accessing affordable financing, warning that continued pressure on productive enterprises could worsen unemployment and increase the cost of essential commodities.
He said his proposed economic recovery plan would prioritise local production, job protection and measures aimed at making essential goods and services more affordable for Nigerian households.