BREAKING: FG offers radio, TV stations forgiveness on N7.8bn debt

As part of palliative measures against coronavirus, the Federal Government has offered 60 per cent debt forgiveness to defaulting radio and TV stations.All the stations have a three-month timeline to enjoy the debt reprieve.The Minister of Information and Culture, Alh. Lai Mohammed made the announcement at a briefing in Abuja in company of the Director-General of the National Broadcasting Commission, Prof. Armstrong Idachaba.

” 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” 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 opportunityOn palliatives for the print media, the Minister said “we are already discussing with the Newspapers Proprietors Association of Nigeria

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