President Bola Tinubu has said Nigeria was close to bankruptcy when he took office in May 2023, arguing that difficult economic reforms adopted by his administration were necessary to avert financial collapse.
Speaking on Friday at a Ramadan dinner with senior media executives at the Presidential Villa, the President defended the removal of fuel subsidies and other policy shifts that have drawn sustained public criticism, insisting the measures were taken to stabilise public finances.
“At the time we had to confront the subsidy, Nigeria was tilting on the edge of bankruptcy.
“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,” he said.
He added that the country had since stepped back from the brink, saying he could now “stand proudly” before the public that Nigeria’s finances were no longer in immediate peril.
The President asserted that leadership demanded decisive action at critical moments, noting that hesitation in such circumstances could amount to failure.
“If anybody tells you it is easy, it is a lie. Leadership comes with the responsibility of taking decisions at the time they ought to be taken,” he said.
Tinubu also reflected on the role of the media, acknowledging intense scrutiny of his administration and describing criticism as a constructive force.
According to him, reading newspapers had become a daily habit, adding that headlines often shaped his thinking and sense of accountability.
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“I never categorised anyone as an arch-critic. I see them as stimulators who can help build a nation,” he said.
Addressing questions raised by media organisations, the President confirmed he had listened to appeals for tariff waivers on imported newsprint, ink and broadcasting equipment.
While stopping short of announcing a decision, he said the matter had been discussed and pledged to revisit it if necessary.
Earlier, the Minister of Information and National Orientation, Mohammed Idris Malagi, said the government had opened talks with leading technology companies over their growing influence on Nigeria’s media economy.
He said regulators were engaging platforms including Google and Meta Platforms to ensure responsible operations within the country.
“The President will not allow anyone to come here, reap from our economy and simply walk away,” the minister said.
Speaking for media owners and editors, BusinessDay publisher Frank Aigbogun warned that soaring production costs were threatening the survival of traditional media.
He urged the government to grant tariff exemptions and to address the growing dominance of global tech firms in the advertising market.
“Tonight is not to interrogate government policy but to let you know that we are in pain.
“There is no child who meets his father and does not cry to him when he is hurting,” Aigbogun said.