BREAKING: FG Grants Radio, TV Stations N7.8bn Debt Forgiveness

The Federal Government has granted defaulting radio and television stations in Nigeria 60 per cent debt forgiveness worth N7.8 billion.

This was offered as part of palliative measures to cushion the effect of coronavirus on the broadcasting industry in the country.

Minister of Information made the announcement at a briefing in Abuja in company of the Director-General of the National Broadcasting Commission, Prof. Armstrong Idachaba.

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

”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 debtorstations 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 percent indebtedness within the 3 months window shall forfeit the opportunity
to enjoy the stated debt forgiveness.”

The information minister further disclosed that the ministry was already discussing with the Newspapers Proprietors Association of Nigeria (NPAN) on palliative for the print media.