PRESIDENT TINUBU PLEDGES ECONOMIC SUPPORT TO MEDIA

11 November 2024

The economic hardship facing Nigeria’s media industry has reached critical levels, threatening the viability of traditional publishing. At the All Editors’ Conference held in Yenagoa, Bayelsa state, President Bola Ahmed Tinubu assured stakeholders of his administration’s commitment to safeguarding the media’s sustainability as a business.

Addressing the conference through the Minister of Information, Mohammed Idris, President Tinubu underscored the media’s vital role in democracy expressing his concerns and readiness to intervene to save Nigeria’s media industry and make it a business. The president’s pledge comes at a time when media houses are grappling with soaring operational costs.

Sam Amuka, publisher of Vanguard Newspaper, highlighted the severity of the crisis, noting, “Newsprint that used to cost N600,000 two years ago now costs over N2 million. The Vanguard only makes enough money for just transport of the newspaper. A business is set up to make money but the newspaper business is no longer making money.” Amuka stressed that the media’s constitutional role to hold the government accountable is at risk if the industry continues to struggle. “Section 24 of the constitution gives the media this role but it cannot continue to do so if it is struggling to survive,” he said.

The Minister of Information, Mohammed Idris reiterated that President Tinubu’s administration is aware of the challenges faced by the media and is ready to act. He called on the media to also uphold responsible journalism. “The media owe itself a responsibility to be credible and project itself as patriotic and factual in its duty. I appreciate the role of the media. Without it, democracy would not be possible,” Idris stated, reminding attendees of Tinubu’s front-line involvement in Nigeria’s democratic struggles.

He further explained the government’s economic strategy aimed at stabilising the nation’s finances. “Two major problems were fuel subsidy and forex subsidy. Both were ruinous and prone to abuse; we are making progress with debt to revenue dropping from almost 100% to about 65%.” Idris highlighted initiatives like the CNG (compressed natural gas) project, which has attracted $200 million in investment as part of efforts to stimulate economic empowerment.

Amuka’s appeal for government intervention resonated with many at the conference. “We need government’s intervention,” he urged, emphasising that while digital media options exist, they do not replace the value of hardcopy newspapers, particularly for advertising revenue.

Esther Alaribe
news@wfm917.com
Women Radio 91.7