News
Bakers explains why prices of bread is high
By Francesca Hangeior
The Premium Breadmakers Association of Nigeria, PBAN, has disclosed the causes of rising prices of loaves of bread as the common staple food in the country.
PBAN said the volatility in the exchange rate has affected the prices of bread in Nigeria, adding that most of the materials in producing it are imported.
PBAN President, Emmanuel Onuorah, made this known while appearing as a guest on Arise News’ Global Business Report on Tuesday.
He added that the ongoing war between Ukraine and Russia has impacted negatively on the production of bread, as both warring European neighbours are wheat suppliers to Nigeria.
“Bread is a staple. Bread is supposed to be a pick-and-grab food at any location. It’s on the table for the children,” Onuorah said.
“Bread is a spiritual product, outside of being physical because it does so much for humanity. As bakers, for us in Nigeria, it’s been tough for us.
“Some of the basic materials we use in producing our bread are imported into Nigeria, that is about almost 98 per cent and that’s the truth.”
“In a country, where you almost don’t have a strong productive base, and at that, everything is dependent on the dollar. When there is volatility in dollar-naira exchange, when (there is) FX issue where naira begins to go down against the dollar, we are in a problem,” he said.
Late last year, following the removal of fuel subsidy and other economic reforms by President Bola Tinubu, the country began to experience an increase in the prices of food and other commodities.
Consequently, in December 2023, Onuorah said prices would increase by 15 per cent to 20 per cent in January 2024 across Nigeria amid economic hardship, and checks by Vanguard showed that loaves of bread in Lagos from N400 have increased to N700, N700 before now sold at N1,100, while N1,100 rose to N1,1400.
“You know we’re are the highest consumers of white bread globally. When you go to other places, they take croissants, they take baguettes, and other forms of bread.
“But, our bread (in Nigeria) comes in certain shapes. It must be sweet, it must be soft, and succulent. If you don’t produce it that way, you’re out of business.”
“And this whole thing, 60 to 65 per cent of the whole thing comes from wheat, and most of our wheat comes from Ukraine, Russia, and other parts of the world,” he added.
President Bola Tinubu has assented to the 2026 Appropriation Bill, which provides for an aggregate expenditure of ₦68.32 trillion.
He also signed the bill extending the implementation period for the 2025 budget from March 31, 2026, to June 30, 2026.
This was announced on Friday in a statement by his Special Adviser on Information and Strategy, Bayo Onanuga.
The ₦68.32 trillion budget for this year earmarks ₦4.799 trillion for statutory transfers and ₦15.8 trillion for debt service.
It allocates ₦15.4 trillion to recurrent expenditure and ₦32.2 trillion to the Development Fund for Capital Expenditure.
“With capital expenditure accounting for about 50 per cent, the 2026 budget underscores the administration’s continued commitment to economic stability, national security, infrastructure development, and inclusive growth.
The allocations reflect a strategic balance between statutory obligations, debt servicing, recurrent expenditure, and capital investments critical to driving productivity and improving the quality of life for Nigerians,” the statement read in part.
The President also has assented to the Appropriation (Repeal and Enactment) (Amendment) Bill, 2026, which extends the implementation period of the capital component of the 2025 Appropriation Act from March 31, 2026, to June 30, 2026.
The extension, the statement revealed, would ensure the full and effective utilisation of appropriated funds, particularly for critical infrastructure and development projects that are at advanced stages of implementation across the country.
It will enable ministries, departments, and agencies (MDAs) to consolidate ongoing works, enhance project completion rates, and maximise value for public expenditure. With the 2026 Appropriation Act coming into force on April 1, the Federal Government will commence full implementation in line with the Renewed Hope Agenda,” it added.
Additionally, President Tinubu directed MDAs to ensure disciplined, transparent, and efficient utilisation of allocated resources, with a strong emphasis on value for money and timely project delivery.
He commended the National Assembly for its diligence, cooperation, and patriotism in expeditiously considering and passing the budget.
The President reaffirmed the importance of sustained collaboration between the executive and legislative arms of government in advancing national development objectives.
Tinubu also assured Nigerians of his administration’s resolve to deepen fiscal reforms, enhance revenue generation, and prioritise investments that will stimulate economic growth, create jobs, and strengthen social protection mechanisms.
The budget is also expected to be partly financed through external borrowing, following the approval of a foreign loan plan exceeding $21 billion to bridge the fiscal gap.
₦9.85trn Increase
The 2026 budget represents an increase of ₦9.85 trillion over the initial proposal of ₦58.47 trillion that Tinubu submitted to the National Assembly, and ₦13.33 trillion higher than the 2025 budget.
The President had while presenting the 2025 budget proposal before federal lawmakers in December 2025, pegged the capital expenditure at ₦26.08 trillion and the crude oil benchmark at US$64.85 per barrel.
He disclosed that the expected total revenue was ₦34.33 trillion; ₦15.52 trillion for debt servicing.
The proposal was anchored on a crude oil production of 1.84 million barrels per day, and an exchange rate of ₦1,400 to the US Dollar for the 2026 fiscal year.
Amid the growing concerns over insecurity across the country, Tinubu said his administration would “invest in security with clear accountability for outcomes—because security spending must deliver security results”.
“We will take decisive steps to strengthen agricultural markets. Food security is national security.
“The 2026 budget prioritises input financing and mechanisation; irrigation and climate‑resilient agriculture; storage and processing; and agro‑value chains,” he told the National Assembly members.
Nigeria’s budgets in recent years have come under fire with experts critcising the poor implementation and release of funds for the execution of important national projects.
But the Tinubu administration said that the 2026 national budget was well-planned to solidify the gains of its reform agenda.
“Our ‘Budget of Consolidation, Renewed Resilience and Shared Prosperity’ is critical. It is a commitment to double down on what is working, to solidify gains, and to ensure that the shared prosperity we speak of becomes a lived reality for more Nigerians, faster,” Minister of Information and National Orientation, Mohammed Idris, said in a statement.
Popular sports broadcast journalist with Classic FM 97.3, Temisan Okomi, has died.
A journalist with News Central, Olawale Adigun, confirmed his death in a statement shared on X on Friday.
He wrote on X, “The worst way to go into the weekend is hearing about Temisan Okomi’s passing. I’m so gutted and, at the same time, terrified. This man meant so much to me.”
Recall that news of his death has since stirred reactions on X, with colleagues and fans expressing shock and grief.
The late journalist had worked with Lagos Television, HiTV, and other prominent media organizations in Nigeria.
His last post on X was on April 14, 2026, when he wrote, “The Champions League is hard, man.”
Ibrahim Abdulkarim, a political associate of ex-governor of Anambra State, Peter Obi, has claimed that the former governor of Kano State, Rabiu Kwankwaso, has agreed to deputize the Obi in the 2027 presidential race.
He spoke during an interview on Trust TV, said the Obidients and the Kwankwassiyya Movements are already aligning towards Obi/Kwankwaso ticket.
Asked if Obi and Kwankwaso had struck a deal, Abdulkarim said “yes, I can categorically tell you that they have agreed”.
We all know that. Both the Obidients and the Kwankwassiyya Movements are aware of the agreement”.
Recall that Kwankwaso recently decamped from the New Nigerian Peoples Party, NNPP to the African Democratic Congress, ADC.
His move stirred suspicion that the two political gladiators may have agreed to run for the 2027 presidency on a single ticket.
Just in: Tinubu assents 2026 Appropriation Bill, 2025 Budget Extension
BREAKING: Popular sports analystt, Okomi is dead
BREAKING: JAMB set to release first batch of 2026 UTME results today
-
Economy17 hours agoNigerian stocks rally again as investors gain N1.66tn, market cap crosses N136tn
-
News17 hours agoI Am Ready For 2027 – President Tinubu Declares
-
News12 hours agoJust in: Ex-Senate president, Saraki, others to face death penalty charges
-
News17 hours agoSenator Abdulaziz Yari Accused of Using Billions to Secure Vice Presidential Ambition
-
Foreign17 hours agoTrump Says Iran Agrees To Hand Over Nuclear Dust Amid Strait of Hormuz Blockade
-
News17 hours agoADC Reacts To Suspension Of Atiku, Lawal From Party
-
Metro17 hours agoBauchi Govt Sacks Driver Over Road Crash That K!lled Two Journalists
-
Sports17 hours agoFormer Arsenal, Liverpool Legend Dies In Train Crash
You must be logged in to post a comment Login