Covid-19: FG approves debt forgiveness for radio, TV stations

Covid-19: FG approves debt forgiveness for radio, TV stations

- To support the media industry amid the Covid-19 challenges, the Nigerian government has approved debt forgiveness for radio and TV stations

- The federal government has offered 60% debt forgiveness on outstanding debt

- All the affected radio and TV stations are reportedly owing the federal government N7.8 billion

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The Nigerian government has approved a debt forgiveness scheme (license fees) for all functioning, licensed radio and television stations in Nigeria, effective Friday, July 10.

According to a tweet by Tolu Ogunlesi, the special assistant to President Buhari on digital and new media, the federal government is offering 60% debt forgiveness on outstanding debt.

Legit.ng gathers that the offer, however, comes a condition that the media houses pay the balance of 40% within three months.

FG approves N7.8bn debt forgiveness for radio, TV stations

FG approves N7.8bn debt forgiveness for radio, TV stations. Photo credit: Federal Ministry of Information and Culture
Source: UGC

The government also gave a two-month licence-fee waiver to all terrestrial broadcast stations in the month of May 2020.

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Additionally, going forward, a 30% discount has been approved on license fees for all Open Terrestrial Radio & TV services, effective from July 10.

The Nigerian government said this is part of its measures to support the media industry to navigate through the challenges of the coronavirus pandemic.

According to The Nation, the affected stations are indebted to the federal government to the tune of N7.8billion.

According to the minister of information and culture, “the debt forgiveness and discount shall not apply to pay TV service operators in Nigeria.”

The minister made this known at a briefing in Abuja in company of the director-general of the National Broadcasting Commission, Professor Armstrong Idachaba.

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Meanwhile, as the world continues to battle the dreaded coronavirus, President Buhari has disclosed that the number of poor people in the country will triple.

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According to the president, this will come as a result of the COVID-19 pandemic.

The president disclosed this in a statement by Femi Adesina, presidential spokesman, on Wednesday, July 1.

Buhari who spoke on the impact of the COVID-19 pandemic, was quoted to have said: “All the while, they struggle with the most basic needs like nutrition, shelter, health, education and access to clean water and sanitation.

“In this condition, the number of poor people is estimated to triple as livelihoods across almost all economic sectors have been adversely affected.”

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Source: Legit

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