Federal Government Approves 60% Debt. Cancellation For Broadcast Stations

Forum 3 years ago

Federal Government Approves 60% Debt. Cancellation For Broadcast Stations

The Buhari-led Federal Government has announced a 60% debt cancellation and a further 40% discount on licensing fees for all broadcast stations operating in the country effective from July 10, 2020.

The measures are part of moves to inject financial stability in the broadcast industry in the wake of the impact of the Covid-19 pandemic.

All functional broadcast stations are entitled to the debt cancellation as long as they pay the outstanding 40% of their licence fees within the next 3 months.

Minister of Information and Culture, Lai Mohammed who made the announcement says Money owned Federal Government by broadcast stations amounts to the tune of N7.8 billion.

The bailout however will not cover Pay Tv Platforms.