The broadcast industry is set to receive lifeline from the Federal Government, to cushion the effects of coronavirus pandemic.
Announcing this at a press conference in Abuja on Monday, the Minister of Information and Culture, Alhaji Lai Mohammed announced said that the pandemic had caused major set back, especially in the area of generating revenues from sponsored programs and advert placement.
“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:-
“(a) 60 per cent 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 per cent of their existing debt within the next three months
“(c) Any station that is unable to pay the balance of 40 per cent indebtedness within the three months window shall forfeit the opportunity to enjoy the stated debt forgiveness.
“(d) The existing license fee is further discounted by 30 per cent for all Open Terrestrial Radio and Television services effective July 10th, 2020
“(e) The debt forgiveness shall apply to functional licensed Terrestrial Radio and Television stations only.
(f) The debt forgiveness and discount shall not apply to pay-Tv service operators in Nigeria.
“(g) The effective date of the debt forgiveness shall be from July 10th, 2020 to October 6th, 2020.”
