President Bola Tinubu on Friday declared that Nigeria was on the brink of bankruptcy when he assumed office in May 2023, saying tough economic reforms taken by his administration have helped pull the country back from the edge of financial collapse.
Speaking during a Ramadan dinner with leaders of the Nigerian media at the Presidential Villa, Abuja, Tinubu defended the controversial removal of fuel subsidy and other economic policy shifts, describing them as necessary decisions to stabilise the nation’s finances and avert economic disaster.
“At the time we had to confront the subsidy, Nigeria was tilting on the edge of bankruptcy,” the President said.
“But having asked for the job and getting it, I cannot look back other than to make corrections as I move along and save the nation. Today, I can stand proudly before you that we are back from that brink.”
Tinubu said leadership required taking difficult decisions at critical moments, noting that failure to act decisively could amount to leadership failure.
“If anybody tells you it is easy, it is a lie,” he said. “Leadership comes with the responsibility of taking decisions at the time they ought to be taken.”
The President also acknowledged the intense scrutiny his administration has received from the Nigerian media, noting that criticism from journalists and opinion leaders helped sharpen his sense of responsibility.
Tinubu said reading newspapers has become a daily routine.
“There is no morning that I leave my house without going through the papers. It is an addiction. I read all of you, sometimes just the headlines that will hit me,” he said.
“At the beginning of this administration, I was a little stubborn because the heat was on from the papers and opinion leaders. But you challenged me and provoked the intellectual curiosity of a leader that must perform.”
He stressed that he did not view critical voices as adversaries.
“I never categorised anyone as an arch-critic. I see them as stimulators who can help build a nation,” he added.
Tinubu also disclosed that he had taken note of requests from media organisations seeking tariff waivers on imported newsprint, broadcasting equipment and other essential materials used in newspaper production.
“I listened carefully to you. The question of tariffs was discussed this afternoon,” he said.
“What I cannot report back here is whether I have taken action in the area that affects you or not, but if I missed that, I will go back and rectify it.”
Earlier, the Minister of Information and National Orientation, Mohammed Idris Malagi, said the federal government had begun discussions with major technology companies over concerns about their growing impact on the sustainability of traditional media.
According to him, regulatory agencies are already engaging global digital platforms including Google and Meta Platforms to ensure they operate responsibly within Nigeria’s media ecosystem.
“The President will not allow anyone to come here, reap from our economy and simply walk away,” the minister said.
Speaking on behalf of media owners and editors, publisher of BusinessDay, Frank Aigbogun, appealed to the President to grant tariff exemptions on imported newsprint, ink and broadcasting equipment, warning that rising production costs were threatening the survival of the media industry.
He also urged government intervention to address the growing dominance of global technology firms, whose platforms increasingly capture advertising revenue that once sustained traditional media organisations.
“Tonight is not to interrogate government policy but to let you know that we are in pain,” Aigbogun said.
“There is no child who meets his father and does not cry to him when he is hurting.”
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