FG unveils low-interest financing to boost Media Houses

By Ere-ebi Agedah Imisi

President Bola Tinubu's commitment to supporting media organizations has led to the introduction of single-digit interest-rate financing.

According to Minister of Information and National Orientation Mohammed Idris, President 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.

Idris stated this while speaking in Abuja on Monday during the ongoing Ministerial Sectoral update marking Tinubu's first year in office, as he emphasized the government's efforts to create a thriving environment for media stakeholders.

He encouraged media practitioners to develop bankable proposals to access the funding.

“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.

“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.

Also, the Minister explained that the President has decided not to 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.

The Minister stressed the importance of restoring trust in public communication and ensuring wide coverage of government activities through traditional and digital platforms adding that the objective is to enlighten, inform and educate Nigerians and the world, to ensure that everyone is carried along through the provision of detailed, relevant, credible and timely information.

“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,” he stated.

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

During the third session of the Briefing Series, Minister of Agriculture and Food Security, Senator Abubakar Kyari, and Minister of Aviation and Aerospace Development, Festus Keyamo, also presented their respective scorecards.