FG approves 60% debt forgiveness for licensed radio and television stations  

The Nigerian government granted a 60% debt forgiveness to all licensees indebted to the National Broadcasting Commission (NBC). The move was an additional step to the 2 months license fee waiver granted to the industry as a palliative to deal with the effects of the COVID-19 pandemic. 

Minister of Information, Lai Mohammed, said the measures were put in place as a result of the report submitted by the post-COVID-19 initiative committee for the creative industry. 

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GOVERNMENT GRANTS 60% DEBT FORGIVENESS TO DEBTOR BROADCAST LICENCEES.

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The Federal Government of Nigeria has granted 60% debt forgiveness to licencees indebted to the NBC. This is in addition to the 2 months licence fee waiver granted earlier……..https://t.co/Sd4UCPgNJH pic.twitter.com/1hkNJSjBvb

— nbcgovng (@nbcgovng) July 6, 2020

He added that many radio and television stations remain indebted to the government to the tune of N7.8 billion. 

The Minister added that the debt forgiveness will not apply to pay-TV service operators but to only terrestrial TV and radio stations in the country.

He added that the criterion for enjoying the debt forgiveness is for the debtor to pay 40% of their existing debt within 3 months. Any station that is unable to pay the 40% indebtedness within 3 months window shall forfeit the opportunity. 

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Existing license fee is discounted by 30% for all open terrestrial radio and television services effective July 10. 

The effective date of the debt forgiveness shall be July 10 – October 6, 2020.