Broadcasting stations are to enjoy Federal Government some lifelines in an effort at cushioning the effects of COVID-19 pandemic on the industry.
The Minister of Information and Culture, Lai Mohammed, disclosed this at a press conference in Abuja on Monday said the industry has been particularly hard-hit due to falling revenues occasioned by the dwindling adverts and sponsored programmes, in the wake of the pandemic.
He said, “Against this background, the management of the NBC has therefore recommended, and the Federal Government has accepted, the following measures to revamp the broadcast industry and to help reposition it for the challenges of business, post-COVID-19:-
“(a) 60 per cent debt forgiveness for all debtor broadcast stations in the country.
“(b) The criterion for enjoying the debt forgiveness is for debtor stations to pay 40 per cent of their existing debt within the next three months
“(c) Any station that is unable to pay the balance of 40 per cent indebtedness within the three months window shall forfeit the opportunity to enjoy the stated debt forgiveness.