The federal government has promised 60 per cent debt forgiveness to defaulting radio and TV stations while discussing with proprietors of the print media, the Newspapers Proprietors Association of Nigeria (NPAN) on theirs.
The affected stations are indebted to the federal government to the tune of about N7.8billion.
All the stations have a three-month timeline for the debt reprieve.
The Minister of Information and Culture, Alh. Lai Mohammed at a briefing in Abuja with the Director-General of the National Broadcasting Commission, Prof. Armstrong Idachaba said, “According to the National Commission (NBC), many radio and television stations remain indebted to the federal government to the tune of N7.8 billion.
“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.”
These are: a 60 percent debt forgiveness for all debtor broadcast stations 40 percent of which is to be paid within the next three months and any station unable to pay the balance within the three months window shall forfeit the opportunity to enjoy the stated debt forgiveness.