BREAKING: FG Offers Debt Forgiveness To Broadcasting Stations

The Federal Government has approved a Debt Forgiveness scheme (license fees) for all functioning, licensed Terrestrial Radio and Television stations in Nigeria, effective from July 10, 2020.

According to the National Broadcasting Commission, many Nigerian radio and television stations remain indebted to the Federal government to the tune of 7. 8 billion Naira in total.

The Minister of Information and Culture, Lai Mohammed who revealed this on Monday in Abuja, said its part of the initiative of the government to provide financial sustainability amongst the broadcasting stations.

While it announce 60% of debt forgiveness on outstanding debt, on condition that the balance of 40% will be paid within 3 months.

According to the Minister, the broadcasting stations have been affected by the ongoing coronavirus pandemic as advert revenues continue to dwindle.

”Also, many of the stations are faced with the reality that their licenses will not be renewed, in view of their indebtedness.

”60 percent debt forgiveness for all debtor broadcast stations in the country.
b)◦ The criterion for enjoying the debt forgiveness is for debtor stations to pay 40 percent of their existing debt within the next 3 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, ” he said.