By Luminous Jannamike, Abuja

Former Vice President Atiku Abubakar has blamed President Bola Tinubu’s economic policies for the loss of nearly 40 per cent of the membership of the Premium Breadmakers Association of Nigeria in two years, warning that soaring energy costs and high interest rates are driving local businesses out of operation.

The development, he said, underscores the growing strain on businesses, with bakeries shutting down, workers losing their jobs and households paying more for bread, one of Nigeria’s everyday staples.

Atiku, who was in Bauchi on Saturday to promote his affordable life campaign and sympathise with Nigerians grappling with the effects of government policies, spoke in a statement signed by his Director of Strategic Communication, ADC Presidential Campaign Council, and Senior Special Assistant on Public Communication, Phrank Shaibu.

“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.

The former vice president identified rising energy costs and expensive credit as major constraints on bakery operations, noting that energy alone accounts for about half of production costs.

He cited the case of a bakery operator whose monthly diesel bill reportedly increased from N9 million to N19 million, while small-scale bakeries require between N40 million and N50 million to switch to alternative energy sources.

He added that businesses seeking loans face interest rates of up to 34 per cent, further limiting their ability to sustain production and invest in more efficient operations.

Atiku said the pressure extends beyond the baking industry, citing rising cooking gas prices, which he said had reached N1,800 per kilogramme in Abuja and N1,650 in parts of Lagos and Ogun states.

He also cited a 31.8 per cent increase in depot prices within one month, from N1,100 to N1,450 per kilogramme.

Turning to the Federal Government’s borrowing, Atiku questioned the accumulation of domestic and foreign loans amid the reported closure of local businesses, alleging that Nigerians were yet to see tangible benefits from the debt.

“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,” he said.

He called for a shift in economic priorities towards strengthening domestic production across sectors, rather than concentrating exclusively on crude oil refining.

“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 urged the Federal Government to urgently address rising energy costs and the lack of affordable financing, warning that continued pressure on productive businesses could further undermine employment, local manufacturing and household purchasing power.

Atiku tackles FG as bakers lose 40% membership

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