FG announces debt cancellation, discounts for broadcast media

The Nigerian Government has announced a 60% debt cancellation and a further 40% discount on licencing fees for all broadcast stations operating in the country effective 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 license 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.

It will be recalled that stakeholders in the industry including the Broadcasting Organisations of Nigeria, BON; Nigerian Guild of Editors, NGE; Nigeria Union of Journalists, NUJ among others had made a case to the Federal Government to consider a major intervention in the media industry in view of the impact of Covid-19 pandemic.