FG Announces 60 Per Cent Debt Relief For Broadcast Stations
The Federal Government has rolled out a list of a financial sustainability plan for the broadcast industry to cushion the effect of COVID-19.
The Minister of Information, Lai Mohammed said the measures became necessary owing to the fact that the broadcast industry is hugely affected by falling revenues following dwindling adverts and sponsored programmes.
Part of the measures includes 60 per cent debt forgiveness for all debtor broadcast stations.
The debtor stations are expected to pay 40 per cent of their existing debt within three months and failure to do so will amount to forfeiture of the debt forgiveness.
Other measures include 30 per cent discount on existing broadcast license effective from July 10 while the debt forgiveness and discount shall not apply to pay TV service operators in the country
Mohammed noted that the debt forgiveness takes effect from July 10 to October 6, 2020.