The study examined the practice of democracy in Nigeria, bearing in mind the tenets of democracy. Democracy has been accepted as the most viable and sustainable form of government by world leaders and is used to determine the extent of freedom enjoyed in different countries of the world. However, the availability of the freedom it offers in Nigeria is questionable. This is largely due to the lack of democratic principles such as free, fair and credible elections, mass participation in the governance processes, independence of the judiciary, rule of law, etc. While successive governments since 1999 have verbalized efforts at strengthening democratic ethos/culture in the country, observers are of the view that the democratic practice in Nigeria is a far cry from the acceptable norms. Therefore, the main objective of this study is to examine the extent to which democratic ethos have been institutionalized in the Nigerian State. The study adopted the Participatory Theory of democracy, its main idea being the provision of greater involvement and control over all governmental laws and non-governmental rules pertaining to the citizens, and to analyze the imperative to revisit the practice of democracy in Nigeria. The study relied mainly on secondary data focusing on the nature and character of democratic governance in the country. The study revealed that efforts at institutionalizing democracy, enhancing mass participation as well as achieving development had not yielded the desired outcomes in the country. This is evident in the increasing rate of electoral violence that characterizes elections over the years in the country. The paper concluded that, for Nigeria to substantially deliver the “dividends of democracy” to the people, the state must revisit the culture and practice of democracy in the country. The study recommended, among other things, that the state should strive to uphold the rule of law at all times, ensure judicial independence, enhance mass participation in the governance processes and efforts should also be made to guarantee free, fair and credible elections.