Nigerian govt grants 60% debt relief to broadcast stations
Broadcast stations owing the Nigerian government has been granted 60% debt forgiveness. This was approved by the Federal government to help cushion the effects of COVID-19 on the industry.
Alhaji Lai Mohammed, the Minister of Information and Culture, made the announcement at a media briefing on the government’s efforts to institute financial sustainability among broadcast stations in the country.
He said that in the wake of the pandemic, the broadcast industry had been particularly hard-hit. This is as a result of falling revenues which is not helped by the decline in adverts and sponsored programmes.
He revealed that a lot of Nigerian radio and television stations have remained indebted to the government to the tune of N7. 8 billion.
“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.
However, the criterion for enjoying the debt forgiveness was for the owing stations to pay up 40% of their existing debts within the next three months.
According to the minister of information and culture, any station that is unable to pay the balance of 40 percent indebtedness within the three months window shall forfeit the opportunity to enjoy the stated debt forgiveness.