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Nigeria’s media landscape shifted significantly when democratic rule was restoredin 1999, ending years of military control. This study examines the role of the mass media inNigeria’s democratic consolidation during the People’s Democratic Party’s 16-year rule, from 29May 1999 to 29 May 2015. It tests the liberal democratic claim that expanded press freedomautomatically strengthens accountability. Using desk research and content analysis of laws, NBCdata, academic literature, and NGO reports, the paper applies Agenda-Setting Theory, SocialResponsibility Theory, and Political Economy of the Media to assess media performance. Findingsreveal that legal-institutional reforms were substantial: Section 39 of the 1999 Constitution restoredfree expression, the NBC licensed 147 private radio and TV stations, and the 2011 Freedom ofInformation Act gave journalists statutory access to records. Digital platforms after 2010 furtherbroadened public debate, with #OccupyNigeria and #BringBackOurGirls illustrating citizen-ledagenda-setting. Media exposure of corruption rose by 40% between 2011 and 2014. Yet watchdogoutcomes were limited. Of 312 major corruption cases reported from 1999–2015, only 7.7% endedin conviction. Political economy constraints persisted: 11 of 15 national dailies had links to politicalfinanciers; 60–70% of newspaper revenue came from government advertising; the NBC issued 147fines and 12 closures, 81% targeting political content; and 74% of journalists earned below N50,000monthly, entrenching brown envelope practice. The study concludes that Nigeria experienced“liberalization without independence.” The media gained agenda-setting power and could mobilizeagainst policies like the Third Term bid, but could not ensure sanctions. The paper recommendsmedia funding reform, narrower NBC powers, stronger FOI enforcement, journalist welfarestandards, and institutional synergy between media and anti-graft bodies.