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.
However this privilege only applies to functional licensed Terrestrial broadcast stations and exempts pay service operators in Nigeria.
This development comes after an earlier two month license fee waiver granted to terrestrial broadcast stations in Nigeria.
According to Nigeria’s information Minister, Lai Mohammed, indebted broadcast stations can only enjoy this privilege if they pay 40% of their existing debts within the next 3 months.
Failure to meet this criteria within the stipulated period will lead to a forfeiture of the debt forgiveness.
The period of Grace is to take effect from the 10th of July to the 6th of October 2020.