Atiku blames Tinubu’s policies as bakers lose 40% membership

By Kazeem Waris

Former Vice President Atiku Abubakar has blamed the economic policies of President Bola Tinubu’s administration for the loss of nearly 40 per cent of the membership of the Premium Breadmakers Association of Nigeria within two years, warning that rising energy costs and expensive loans are pushing local businesses out of operation.

Atiku said the development reflected the mounting pressure on Nigeria’s productive sector, with bakeries shutting down, workers losing their jobs and households facing higher prices for bread, a major staple.

The former vice president spoke in Bauchi on Saturday during his affordable life campaign, where he also sympathised with Nigerians struggling with the impact of government policies.

His position was contained 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.

Atiku identified rising energy costs and high interest rates as major challenges confronting bakeries, noting that energy alone accounts for about half of their production expenses.

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

He added that businesses seeking loans were being confronted with interest rates of up to 34 per cent, making it increasingly difficult for operators to sustain production, expand operations or invest in more efficient equipment.

The former vice president said the pressure was not limited to the baking industry, citing rising cooking gas prices, which he claimed had reached N1,800 per kilogramme in Abuja and N1,650 in parts of Lagos and Ogun states.

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

Atiku further questioned the Federal Government’s growing domestic and foreign borrowing, arguing that the accumulation of loans was difficult to justify amid reports of business closures and declining productive activities.

“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 different sectors, rather than concentrating government attention 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 shortage of affordable financing, warning that continued pressure on local businesses could worsen unemployment, weaken domestic manufacturing and further erode the purchasing power of households.