Using an empirical approach and relying on core media management research theories — strategic management, structural contingency and the economic — for background, this research studied the financial situations of newspapers in Nigeria between 2015 and 2019 to find out how their prolonged financial difficulties interact with their ‘responsibility’ to Nigeria’s democracy. It found that the financial troubles of the newspaper market in Nigeria are manifested in the marked decline of traditional revenue sources, shutting down of bureaus and titles, retrenchment of quality hands as well as poor renumeration and non-payment of journalists’ salaries. Subtly and directly, these have impacts on Nigeria’s democracy, especially when it is considered that newspapers are valued civic engagement and accountability tools in democracy. The recurrent drop in circulation figures, closure of bureaus and retrenchment of quality manpower indicate that newspapers in Nigeria are in a precarious financial state, which affects their capacity to support profound democratic practices in the country.