FG wave 60% debt for all debtors broadcast stations

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In an effort to ease the negative effects of the Covid-19 pandemic on the Broadcast industry in the country, the Federal Government has waved 60 percent debt for all debtors broadcast stations.

Minister of Information and Culture, Alhaji Lai Mohammed disclosed this in a statement made available to Aspheric News on Monday in Abuja.

The Minister said the criterion for enjoying the debt forgiveness is for debtor

stations to pay 40 percent of their existing debt within the next 3

months, adding that any station that is unable to pay the balance of 40 percent indebtedness within the 3 months window shall forfeit the opportunity to enjoy the stated debt forgiveness.

According to him, “The existing license fee is further discounted by 30 per cent for all Open Terrestrial Radio and Television services effective July 10th, 2020. The debt forgiveness shall apply to functional licensed

Terrestrial Radio and Television stations only”

He said, “The debt forgiveness and discount shall not apply to pay TV

service operators in Nigeria. The effective date of the debt forgiveness shall be July 10th 2020 to October 6th, 2020”

Mohammed stated that the Federal Government made the interventions with a view to re-positioning the Broadcast Industry to play its critical role of

promoting democracy and good governance in Nigeria.

The Minister further stated that it is the expectation of the Federal Government that the sector will use this unique opportunity to

make itself an effective catalyst for national development.

“These measures are in addition to the two-month licence-fee waiver granted to terrestrial broadcast stations in the country by the NBC, as part of efforts to ease the negative effects of the Covid-19 pandemic on the Broadcast Industry” he said.

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