Economy: FG must urgently address energy costs —Atiku

African Democratic Congress (ADC) presidential candidate, former Vice President Atiku Abubakar

From Ndubuisi Orji, Abuja African Democratic Congress (ADC) presidential candidate, former Vice President Atiku Abubakar, has said the Federal Government must urgently address energy costs in the country, to ease burdens on businesses. Atiku, while referencing the plight of Premium Breadmakers Association of Nigeria, said high energy costs and absence of affordable financing were allegedly driving productive businesses out of operation. The former Vice President, in a statement by the Director of Strategic Communication, ADC Presidential Campaign Council, Phrank Shaibu, stated that devastating economic conditions had made the association lose nearly 40 per cent of its membership in the past two years. Atiku, who sympathised with Nigerians allegedly bearing the cost of the policies of the President Bola Tinubu’s administration, said the consequences of the policies were already being felt across the country. “Many bakeries have closed, jobs have been lost, and the price of bread has risen sharply. For millions of families who depend on bread as an everyday staple, each increase makes feeding their households harder. “The collapse of so many bakery businesses is a stark indictment of an economy where soaring energy costs, crushing interest rates and rising production expenses are forcing businesses to close and Nigerians to pay more for basic food,” he stated. The ADC candidate added that “the pressure extends beyond bakeries. Cooking gas now sells for as much as ₦1,800 per kilogram in Abuja and ₦1,650 in parts of Lagos and Ogun. Depot prices reportedly rose by 31.8 per cent in one month, from ₦1,100 to ₦1,450 per kilogram. Families are being squeezed by the cost of food and the cost of cooking it. “Bakers say energy accounts for about half of their production costs. One operator’s monthly diesel bill reportedly rose from ₦9 million to ₦19 million. A small bakery may need ₦40 million to ₦50 million to switch to alternative energy, while businesses seeking loans are being quoted interest rates as high as 34 per cent,” he added. Atiku reaffirmed his commitment to building an economy that supports local production, protects jobs and makes life affordable for Nigerian families, if elected President, noting that the concerns of the people will be addressed by his administration. Tags:

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