Home » Presidency explains rationale behind single-digit loans for media

Presidency explains rationale behind single-digit loans for media

by John Ojewale
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The federal government has disclosed the rationale for providing media outlets nationwide with finance at interest rates in the single digits.

President Tinubu decided to provide media groups in the nation finance at single-digit interest rates because he wanted to see them succeed, according to Mohammed Idris, Minister of Information and National Orientation.

At the current Ministerial Sectoral Update on Monday in Abuja to commemorate the one year of the Tinubu Administration, Idris revealed this.

This was disclosed in a statement released on Monday by Rabiu Ibrahim, the Minister of Information and National Orientation’s Special Assistant (Media).

He said in his words:

“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 continued by saying that Tinubu has decided to completely answer to Nigerians by showcasing the accomplishments of the Federal Government’s development goals, known as the Renewed Hope Agenda, rather than focusing on fanfare in his first year in office.

He said:

“Distinguished guests and media colleagues, we are resolute in making sure that in communicating government activities, our watchword is to restore trust in public communication as we amplify policies and programmes of the President Tinubu administration.”

“To ensure that everyone is carried along through the provision of detailed, relevant, credible and timely information,” Idris continued, the government has made efforts to “ensure that the regular Briefing Series receives the widest possible coverage, through traditional and digital platforms to enlighten, inform and educate Nigerians and the world.”

Thus, he urged the media to use their headlines and narratives to cover the Briefing Series impartially and responsibly.

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

In honour of his first anniversary in office, Tinubu gave his ministers instructions last week to deliver their performance reports to the people of Nigeria. First-anniversary Tinubu orders 47 ministers to display scorecards, according to Punchng.com

According to Idris, the action was consistent with the administration’s goal of establishing a supportive economic climate that would foster the growth of the nation’s media.











cc: Punch Ng

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