Costs of bread up by 15% because of increase in VAT – Jacob
TVC E. Chairman of association of master bakers in Lagos Jacob Adejorin a guest on TVC Breakfast show said, the increase in VAT rate has made the price of bread to go high. He said unless the government releases enough forex to millers to source for wheat, the the price will be stable.
Prices of all categories of bread have been reviewed upward by about 30 per cent especially in Kwara State. Investigation revealed that the noticeable increase, which caught most bread consumers and sellers in the area unawares, became pronounced on Eid-el-Fitr celebration day, Wednesday, July 6. Bakers Association in Irepodun Local Government Area had in February embarked on a three-day warning strike in Omu-Aran to protest high cost of baking materials.
The chairman urged the relevant government agencies to assist the association to facilitate the downward review of the prices of baking raw materials occasioned by the rise in dollar against the naira. He also called for the understanding of bread consumers as regards the new price adjustment, promising to maintain quality in the production of bread. A bread seller, Mrs Afusat Abubakr, said that it would take a while to adjust to the new increase by both bread consumers and sellers.