This study explores and analyze the various roles the Nigerian newspapers, with specific referenceto the Guardian and the Vanguard newspapers played in the process of government deregulating the power sector by emphasizing the nature of coverage the newspapers gave to the reform. Areas covered in this work include background to the study, review of related literatures. However, the Development Media theory and the Agenda setting theory underpinned this study creating further explanation with regards to prominence the newspapers gave to the deregulation reform in the power. The systemic sampled days technique was used to select Fifty Four editions which formed the sampled size for both newspapers (that is, Twenty Seven selected editions for each newspaper) were content analyzed. Interviews were conducted with ten respondents who are audience to the sampled newspapers. Findings of the research revealed that the deregulation of the power sector reform is the most emphasized deregulation subject matter in the sampled newspapers. The sources of information which the sampled newspapers used in acquiring information on stories they publish on deregulation of the power sector reform were mostly acquired from events and happening with regards to the deregulation reform in the power sector. It was also discovered that the degree of prominence the newspapers accorded to deregulation of the power sector news is relatively low as stories they published on the power sector reform hardly feature on very important pages of the newspapers such as the editorial, front, back or business pages of the sampled newspapers. The study also revealed that the newspapers observed the investigative journalism role but in a minimal standard as a result of which factors prohibiting the deregulation reform in the power sector to succeed were not intricately identified. Finally, the research advocates that Nigerian newspapers should pay more attention to development issues by setting more agendas on developmental issues and also, they should diversify their information sources by adopting multi-faced sources rather than over depending on one information source. The study also suggest that the Nigerian newspapers should develop a serious attitude toward the watchdog role by monitoring progress of developmental projects and report to the public when those in charge are not living up to their responsibilities in order to exhibit their investigative journalism duty.