COVID-19: Nigerian govt grants 60% debt relief to broadcast stations

The federal government has approved 60 per cent debt forgiveness for broadcast stations owing it in Nigeria, to cushion the effects ofThe Minister of Information and Culture, Lai Mohammed, announced this on Monday in Abuja at a media briefing on the government’s efforts to institute financial sustainability among broadcast stations in the country.

“Against this background, the management of the NBC has recommended, and the federal government has accepted 60 per cent debt forgiveness for all debtor broadcast stations in the country,” he said. The minister said the government also approved that the existing license fee of the broadcast stations be further discounted by 30 per cent for all Open Terrestrial Radio and Television services effective July 10.

He gave an assurance that the measures taken by the government would give lifeline and revamp the Industry as well as help reposition it for the challenges of business in the post-COVID-19 era.“The federal government has made these interventions with a view to re-positioning the broadcast industry to play its critical role of promoting democracy and good governance in Nigeria.

He said the committee had submitted its report, which contained recommendations that would benefit all component parts of the larger creative industry.

Source: Entertainment Trends (entertainmenttrends.net)

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