COVID-19: Government cancels N7.8bn radio, TV stations debt
In a bid to cushion the impact of the coronavirus pandemic on the media, the Federal Government has offered 60% debt forgiveness to defaulting radio and TV stations in the country.
The affected stations are indebted to the Federal Government to the tune of N7.8billion.
All the stations have a three-month timeline to enjoy the debt reprieve.
” 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:-
“60 percent debt forgiveness for all debtor broadcast stations in the country.
”The criterion for enjoying the debt forgiveness is for debtor stations to pay 40 percent of their existing debt within the next three months
“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 Minister said.
On palliatives for the print media, the Minister said “we are already discussing with the Newspapers Proprietors Association of Nigeria, NPAN, on the issue and will soon come up with something good.
