JUST IN: FG Offers Debt Relief To Radio, TV Stations

The Federal Government has offered 60 per cent debt forgiveness to defaulting radio and TV stations as part of palliative measures against coronavirus pandemic.

The concerned stations are indebted to the Federal Government to the tune of N7.8billion.

The Minister of Information and Culture, Lai Mohammed disclosed this at a briefing in Abuja in company of the Director-General of the National Broadcasting Commission, Prof. Armstrong Idachaba.

Mohammed said: “According to the National Broadcasting Commission (NBC), many Nigerian radio and television stations remain indebted to the Federal Government to the tune of N7.8billion Naira in total.

” Also, many of the stations are faced with the reality that their licenses will not be renewed, in view of their indebtedness.

” Against this background, the management of the NBC has therefore recommended, and the Federal Government has accepted, the following measures to revamp the Broadcast Industry and to help reposition it for the challenges of business, post-Covid-19: –

” a) 60 percent debt forgiveness for all debtor broadcast stations in the country.

” b) The criterion for enjoying the debt forgiveness is for debtor stations to pay 40 percent of their existing debt within the next three months

“c) Any station that is unable to pay the balance of 40 per cent indebtedness within the 3 months window shall forfeit the opportunity to enjoy the stated debt forgiveness.”

And on palliatives for the print media, Mohammed said “we are already discussing with the Newspapers Proprietors Association of Nigeria (NPAN).