Vice President Kashim Shettima has said that no government can fully understand or effectively manage Nigeria’s economy if it fails to engage employers and the organised private sector.

Speaking on Monday at the 5th Nigerian Employers’ Summit in Abuja, the Vice President said the Federal Government is committed to maintaining open dialogue with businesses while removing bureaucratic bottlenecks that hinder economic growth.

Represented by the Special Adviser to the President on General Duties and former Minister of the Federal Capital Territory (FCT), Dr. Aliyu Modibbo Umar, Shettima said reforms announced by the government must be experienced by businesses across the country, including Lagos, Kano, Aba and other commercial hubs.

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According to him, the summit comes at a crucial time as Nigeria faces key economic challenges requiring practical solutions and stronger collaboration between government and the private sector.

“The private sector cannot compete on sentiment. It competes on functional infrastructure, predictable policies, fair taxation and reliable energy,” he said.

Shettima commended President Bola Ahmed Tinubu for taking difficult economic decisions, saying true leadership requires the courage to implement reforms that lay the foundation for sustainable prosperity.

He explained that the removal of fuel subsidy, foreign exchange reforms and fiscal policy changes were necessary to restore macroeconomic stability, rebuild investor confidence and create an environment where businesses can thrive.

The Vice President noted that businesses are not opposed to paying taxes but are concerned about multiple taxation, regulatory bottlenecks and policies that increase the cost of doing business.

“Our agenda reduces the number of taxes, harmonises administration, protects the vulnerable, supports small businesses and encourages compliance by lowering rates while widening the tax base needed to fund infrastructure,” he stated.

He also reaffirmed the government’s commitment to digitising public services and simplifying approval processes to ensure businesses experience the benefits of ongoing reforms without unnecessary delays.

In his welcome address, the Director-General of the Nigeria Employers’ Consultative Association (NECA), Adewale Oyerinde, said the Employers’ Summit has consistently produced practical policy recommendations that have helped shape government policies over the past five years.

Oyerinde also announced that from 2027, the Nigerian Employers’ Summit will be expanded into the International Employers’ Summit, bringing together employers and stakeholders from across Africa and other parts of the world.

The General Overseer of the Redeemed Christian Church of God (RCCG), Pastor Enoch Adeboye, has come to the defence of President Bola Ahmed Tinubu over growing criticism of the country’s security situation, saying the President has discharged his responsibility by directing the nation’s security agencies to tackle insecurity.

Adeboye made the remarks during the US-Nigeria Faith Heroes Award Gala organised by the Save Nigeria Group in Washington, United States, on June 23.

According to the respected cleric, many Nigerians are wrong to blame Tinubu for the persistent wave of terrorism, kidnapping and other violent crimes, arguing that the Commander-in-Chief is expected to issue orders while military commanders carry them out.

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“I don’t support those who are accusing the president of not doing enough. When the commander-in-chief has given instructions to his subordinates, he has done his bit. You don’t expect him to go and put on khaki and fight,” Adeboye said.

To further explain his position, he compared Tinubu’s role with that of United States President Donald Trump, noting that American presidents also issue military directives without personally participating in combat operations.

“When my friend Trump gives instructions to go and bomb anywhere, he doesn’t leave the White House. He has done his bit. The rest is left to those carrying out the assignment,” he said.

While defending the President, Adeboye admitted that Nigeria’s security challenges have worsened significantly, lamenting that terrorism and kidnapping, once largely concentrated in the North, have now spread to parts of the South.

He described the situation as alarming, saying it had become so severe that some people now question where God is because of the growing violence.

The cleric also referred to the United States’ bombing of Islamist terrorists last December, stating that despite such actions, the security situation has deteriorated even further.

According to him, he discussed the country’s security concerns with President Tinubu and First Lady, Senator Oluremi Tinubu, during which he advised the President to issue a strict 90-day deadline to the military to eliminate terrorism or step aside.

“I told him to tell the army, navy and air force that they have 90 days to wipe out this rubbish or resign.”

Adeboye maintained that defeating terrorism requires more than confronting armed groups on the battlefield, stressing that authorities must identify and prosecute those financing and equipping the criminals.

He alleged that many of the sponsors are influential politicians and wealthy businessmen who continue to move freely despite being known.

“You know them. Some of them are businessmen. Some of them are politicians. Go after them. If you don’t deal with those supplying them with arms and ammunition, the problem will continue.”

He also observed that many of the attackers travel on motorcycles, making it easier for them to carry out operations and evade security forces.

Adeboye concluded by urging the United States and other members of the international community to strengthen cooperation with Nigeria in the fight against terrorism, expressing hope that greater collaboration would help restore lasting peace and security across the country.

The Federal Government has directed petroleum marketers across Nigeria to immediately reduce the pump prices of Premium Motor Spirit (PMS), popularly known as petrol, following the recent decline in global crude oil prices.

The Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, gave the directive on Monday during the 2026 Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) General Counsel and Legal Advisers Forum in Abuja.

Lokpobiri said the easing of geopolitical tensions between Iran and the United States has contributed to a drop in global oil prices, adding that the reduction should be reflected in the retail prices of petrol and other petroleum products across the country.

SEE MORE: FCCPC Decries Domestic Fuel Prices Remaining at Variance with Global Crude Rates

He, however, expressed concern that many marketers have yet to adjust their pump prices despite the favourable global market conditions.

While acknowledging that Nigeria’s downstream petroleum sector is now fully deregulated, the minister warned marketers against exploiting consumers through excessive profit-making.

“The sector is now fully deregulated, a bold reform that President Bola Tinubu had the courage to implement. That decision paved the way for the operationalisation of the Dangote Refinery and other refinery projects currently underway,” Lokpobiri said.

According to him, deregulation has also helped eliminate the era of persistent fuel scarcity, ensuring that petroleum products remain available nationwide despite recent global supply disruptions.

The minister stressed that the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has a statutory responsibility under the Petroleum Industry Act (PIA) 2021 to ensure deregulation does not become an avenue for profiteering.

He also urged regulators to protect consumers by ensuring fuel stations dispense the correct quantity of products.

“When someone pays for 10 litres of PMS, they should receive exactly 10 litres, not less,” he warned.

Lokpobiri further called on regulators and legal advisers to promote transparency, consistency and certainty in Nigeria’s petroleum regulatory framework, noting that such measures are essential to attracting long-term investments into the country’s oil and gas sector.

He expressed confidence that recommendations from the forum would strengthen governance, improve regulatory certainty and boost investor confidence as Nigeria expands its domestic refining capacity and private sector participation in the petroleum industry.