By Adekunle Oluwafunmilayo
President Bola Ahmed Tinubu has declared that Nigeria was on the brink of bankruptcy when he assumed office in May 2023, stating that difficult economic reforms implemented by his administration helped pull the country back from the edge of financial collapse.
The President made the remarks on Friday during a Ramadan dinner with leaders of the Nigerian media at the Presidential Villa in Abuja.
Defending the controversial removal of fuel subsidy and other economic policy adjustments, Tinubu described them as necessary steps to stabilise the nation’s finances and prevent 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.”
Tough Decisions Necessary
According to Tinubu, leadership demands the courage to take difficult decisions at critical moments, stressing 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 media, saying criticism from journalists and opinion leaders has helped sharpen his sense of responsibility.
Tinubu said reading newspapers has become a daily habit.
“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.
He admitted that he initially reacted strongly to critical commentary but eventually came to see it as constructive engagement.
“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.”
Tinubu stressed that he does not see critics as enemies.
“I never categorised anyone as an arch-critic. I see them as stimulators who can help build a nation.
The President also disclosed that his administration had taken note of requests by media organisations seeking tariff waivers on imported newsprint, broadcasting equipment and other 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, revealed that the Federal Government had begun discussions with global technology companies over concerns about their growing impact on the sustainability of traditional media.
According to him, regulatory agencies are already engaging major digital platforms such as 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.
He warned that rising production costs are threatening the survival of many media organisations.
Aigbogun also urged government intervention to address the growing dominance of global technology firms whose platforms increasingly capture advertising revenue that once sustained traditional media houses.
“Tonight is not to interrogate government policy but to let you know that we are in pain,” he said.
“There is no child who meets his father and does not cry to him when he is hurting.”
Credit: chatbitnews
