Former Vice President Atiku Abubakar has criticised President Bola Tinubu’s administration over the rising cost of doing business in Nigeria, following reports that nearly 40 per cent of bakery businesses have shut down within two years.
Atiku said the development reflected the impact of rising energy costs, high interest rates and increasing production expenses on businesses and households.
The African Democratic Congress presidential candidate made his position known in a statement issued in Bauchi on Saturday by his Director of Strategic Communication, Phrank Shaibu.
He said the closure of bakeries had resulted in job losses and increased bread prices, worsening the financial burden on Nigerians who depend on the product as a household staple.
Atiku also expressed concern over the rising cost of cooking gas, which he said had reached ₦1,800 per kilogram in Abuja and ₦1,650 in parts of Lagos and Ogun states.
He added that depot prices reportedly increased by 31.8 per cent within one month, rising from ₦1,100 to ₦1,450 per kilogram.
According to him, energy expenses account for about half of bakery production costs, with one operator’s monthly diesel bill reportedly rising from ₦9 million to ₦19 million.
He further noted that small-scale bakeries could require between ₦40 million and ₦50 million to switch to alternative energy sources, while commercial lending rates had reached as high as 34 per cent.
Reacting to the situation, Atiku described the economic reforms of the Tinubu administration as a failure.
“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 also questioned the Federal Government’s continued borrowing amid the challenges facing local businesses.
He said, “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.”
Atiku said improving local production across different sectors would be a major priority of his proposed administration.
He called on the Federal Government to address rising energy costs and improve access to affordable credit for businesses, warning that continued pressure on manufacturers and other productive enterprises could worsen unemployment and increase the prices of essential goods.
