The Federal government has granted 60% debt forgiveness to indebted broadcast stations, as part of efforts to mitigate the negative impact of the COVID-19 on the broadcast industry.
The privilege only applies to the functional licensed Terrestrial broadcast stations and exempts pay service operators in Nigeria. And this development comes after an earlier two-month license fee waiver granted to terrestrial broadcast stations in Nigeria.
Lai Mohammed. Nigeria’s Information Minister had state that the indebted broadcast stations can only enjoy this privilege if they pay 40% of their existing debts within the next 3 months. And Failure to meet these criteria within the stipulated period will lead to a forfeiture of debt forgiveness.
The period of Grace is to take effect from the 10th of July to the 6th of October 2020.