Here are a few options for a formal rewrite, depending on the desired emphasis:
Option 1 (Most direct):
Federal Government to Enhance Media Literacy Initiatives to Counter Misinformation
Option 2 (More authoritative):
Federal Government Commits to Advancing Media Literacy to Mitigate Misinformation
Option 3 (Action-oriented):
Federal Government Strategizes to Strengthen Media Literacy Against Misinformation
Recommendation: Option 1 is the most standard and professional choice for a formal report, article, or press release.