FG explains rationale for single-digit interest-rate financing for Media Houses

The Federal Government has said the President, Bola Ahmed Tinubu’s desire to support the media to thrive informed his decision to extend a single-digit interest-rate financing to media organizations in the country.

Minister of Information and National Orientation, Mohammed Idris stated this in Abuja on Monday at the ongoing Ministerial Sectoral Update to mark the first year of the Tinubu Administration.

According to him, “We are also creating an enabling environment for all players and stakeholders in the media and information ecosystem to thrive.

“One highlight here is the recent directive by Mr. President to the Federal Ministry of Industry, Trade and Investment, through the Bank of Industry (BOI), to extend its single- digit interest-rate financing to media organizations in the country”.

The Minister added that, “It is now incumbent upon media practitioners to develop bankable proposals to access this financing facility being offered by the Federal Government, and I hope that you the media will take full advantage of this great opportunity,” he said.

Idris reiterated that the President has decided not dwell on fanfare in his First Year but to fully be accountable to Nigerians by projecting the successes recorded in the Federal Government’s development objectives, known as the Renewed Hope Agenda.
He stated, “Distinguished guests and media colleagues, we are resolute in making sure that in communicating government activities, our watch word is to Restore Trust in public communication as we amplify policies and programmes of the President Tinubu administration”.

Idris said the government has made efforts to ensure that the regular Briefing Series receives the widest possible coverage, through traditional and digital platforms with the objective to enlighten.

Also, to inform and educate Nigerians and the world, and to ensure that everyone is carried along through the provision of detailed, relevant, credible and timely information.

The Minister therefore urged members of the press, to report the Briefing Series objectively and responsibly, through their headlines and the narratives.

Minister of Agriculture and Food Security, Senator Abubakar Kyari, and the Minister of Aviation and Aerospace Development, Mr. Festus Keyamo made presentations on their respective scorecards during the third session of the Briefing Series.