Editorial
Options For Gradual Deregulation
Recently, the Federal Government announced the removal of the $I million mandatory refundable deposit slammed on investors wishing to establish private refineries in the country. Making this public in Abuja, Minister of State for Petroleum Resources, Odein Ajumogobia, explained that government took the decision, having become convinced that the measure was a gross disincentive to would-be investors in the refining sub-sector of the petroleum industry.
Ajumogobia acknowledged that the current refinery capacity is low, and that the nation requires massive investment both in small and higher capacity refineries to be able to meet domestic sourcing requirements for refined products, and de-empahasise importation.
The Tide commends this bold step to kick-start construction of private refineries through the removal of that stumbling block. Our position is hinged on the fact that the establishment of private refineries would not only create employment for the youths but also stimulate the economy especially through its multiplier effects of encouraging competition, increasing capacity ultilisation and productivity as well as discouraging capital flight.
However, we note with concern, the federal government’s desire to commence full deregulation of the down-stream sector of the petroleum industry. Our concern derives from the fear that government’s recent action is only a precursor to full deregulation.
While we applaud government for the waiver, which we believe, would facilitate the realisation of the dream of emergence of private refineries across the country, The Tide urges the government not to rush the implementation of full deregulation of the sector. We insist that the removal of subsidies on petroleum products should be phased so as to reduce its negative effects on the populace.
We say so because of the fear that complete removal of subsidies on products in one swoop, would cause social and economic dislocations in the country, and thus, threaten the basic foundations of our democracy. That, we know is not the goal of government. And many well-meaning Nigerians also think along these lines.
Meanwhile, following government announcement of the November date for commencement of deregulation, fuel price has already gone up with attendant difficulties to all.
The Tide must place on record the fact that all the problems with Nigeria and Nigerians cannot be addressed completely by the hurried removal of subsidies on petroleum products.
Instead, Nigeria’s economy, and indeed, the greater majority of Nigerians can only witness growth and sustainable development, peace and stability, if the twin forces of mismanagement and corruption are tackled. But as long as these two monsters maintain their high index on the nation’s governance equation, full deregulation can only worsen the poor living condition of people while, a few relish in opulence.
Perhaps, the time is right to make government realize that it does not need to force full deregulation down the throats of already impoverished Nigerians who are still groaning under the weight of the prevailing high prices of essential commodities. Common sense tells discerning minds that if the 14 private refineries so far granted approval to construct and operate refineries, come on stream and competitively operate at their installed capacities, prices of the products would naturally crash. That way, removal of subsidies would not be felt by the masses.
The Tide reckons that it does not make sense for the government to spend more than N1.8 trillion between 2006 and 2009 on products subsidies whent that huge chunk could significantly address the dire infrastructure needs of Nigerians, especially those in the Niger Delta. Even so, The Tide favours gradual deregulations.
Editorial
WPFD: Nigeria’s Defining Test
Nigeria stands at a critical juncture as the world marked World Press Freedom Day (WPFD) on May 3. This annual observance is a reminder that a free press is central to democratic life, good governance, and public accountability. For Nigeria, it is also a moment for sober reflection on how far the country has come and how far it still has to go in safeguarding the independence of its media.
World Press Freedom Day exists to highlight the fundamental importance of freedom of expression and to honour journalists who risk their lives in pursuit of truth. It underscores the idea that without a free press, societies cannot function transparently, nor can citizens make informed decisions. In countries like Nigeria, where democracy continues to evolve, the observance carries particular urgency.
This year’s theme, “Shaping a Future at Peace: Promoting Press Freedom for Human Rights, Development and Security”, places journalism at the heart of global stability. It emphasises that a peaceful society cannot be built on silence, fear, or manipulated information. Rather, it depends on the free flow of accurate, timely, and independent reporting.
At its core, the theme highlights the role of journalism in fostering accountability, dialogue, and trust. These are not abstract ideals. In Nigeria, where public confidence in institutions is often fragile, the media remains one of the few platforms through which citizens can question authority and demand transparency. When press freedom declines, so too does public trust.
Journalism serves as a foundation for peace, security, and economic recovery. Countries with robust media systems tend to attract greater investment, maintain stronger institutions, and resolve conflicts more effectively. Nigeria’s economic challenges, ranging from inflation to unemployment, require open scrutiny and informed debate, both of which depend on a free press.
However, the issue of information integrity has become increasingly complex in the digital age. Artificial Intelligence (AI) and online platforms have amplified the spread of misinformation and disinformation. In Nigeria, where internet penetration has grown rapidly, false narratives can travel faster than verified facts. This makes the role of credible journalism more vital than ever.
The challenge is not only technological but also ethical. AI-driven manipulation of information threatens to distort public discourse, influence elections, and deepen social divisions. In such an environment, professional journalism must act as a stabilising force, ensuring that truth prevails over sensationalism and propaganda.
Equally troubling is the safety of journalists. Across Nigeria, reporters face growing levels of online harassment, judicial intimidation, and physical threats. Self-censorship is becoming more common, as media practitioners weigh the risks of reporting sensitive issues. This trend undermines the very essence of journalism.
A particularly alarming incident involved a serving minister in the present administration, who openly threatened to shoot a journalist during a televised exchange. Such conduct, broadcast to the public, sends a dangerous signal that hostility towards the press is acceptable. It erodes the norms of democratic engagement and places journalists in harm’s way.
This year’s theme aligns closely with the United Nations Sustainable Development Goal (SDG)16, which promotes peace, justice, and strong institutions. Freedom of expression is a cornerstone of this goal. Without it, institutions weaken, corruption thrives, and justice becomes elusive. Nigeria’s commitment to SDG 16 must therefore include genuine protection for the media.
Historically, the Nigerian press has been a formidable force. From resisting colonial rule to challenging military dictatorships, our journalists have played a central role in shaping the nation’s political landscape. Today, however, that legacy appears to be under strain, as the media operates under what can best be described as a veneer of freedom.
Beneath this facade lies a troubling reality. Journalists are routinely harassed, detained, and prosecuted for performing their constitutional duties. Reports from media watchdogs indicate that dozens of Nigerian journalists face legal threats or arrest each year, often for exposing corruption or criticising those in power.
The Cybercrimes (Prohibition, Prevention, etc.) Act of 2015 has become a focal point of concern. Originally intended to combat cyber threats, it has increasingly been used to silence dissent. Sections 24 and 27(1)(b), in particular, have been invoked to target journalists, bloggers, and social commentators.
Although amendments introduced in February 2024 were meant to safeguard journalists, concerns persist. The law continues to be wielded in ways that stifle investigative reporting and restrict freedom of expression. Legal reforms must go beyond cosmetic changes to address the root causes of misuse.
To safeguard the future of journalism in Nigeria, decisive action is required. The Cybercrimes Act must be revisited to ensure it cannot be weaponised against the press. Law enforcement agencies must operate free from political influence, upholding the rule of law and protecting journalists’ rights. Civil society and international partners must also strengthen independent media through funding, training, and platforms for wider reach.
In this rapidly evolving world shaped by artificial intelligence and digital innovation, Nigeria faces a clear choice. It can either allow press freedom to erode under pressure, or it can champion a truly independent media landscape. The path it chooses will determine not only the future of journalism, but also the strength of its democracy and the peace it seeks to build.
Editorial
FG’s LIN Policy: The Missing Link
Editorial
Domesticate FG’s Exit Benefit Scheme
