Presidency explains rationale behind single-digit loans for media

The administration has disclosed the rationale behind providing media outlets nationwide with finance at interest rates in the single digits.

President Tinubu decided to give 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 ongoing Ministerial Sectoral Update on Monday in Abuja to commemorate the first 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).

"We are also building an environment that supports the success of all participants and stakeholders in the media and information ecosystem," he stated. The recent order from the President to the Federal Ministry of Industry, Trade and Investment, via the Bank of Industry (BOI), to provide single-digit interest-rate financing to media organisations across the nation, is one noteworthy development in this regard.

"I hope that you, the media, will take full advantage of this fantastic opportunity. It is now incumbent upon media practitioners to develop bankable proposals in order to access this financing facility being offered by the Federal Government."

He continued by saying that Tinubu has made the decision 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.
"Distinguished guests and media colleagues, we are resolute in ensuring that, as we amplify policies and programmes of the President Tinubu administration, our watchword in communicating government activities is to restore trust in public communication," he said.

"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 in an impartial and responsible manner.

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 will foster the growth of the nation's media.