The minister for culture and information, Alhaji Lai Mohammed on Monday says the federal government has written off 60 percent of debt owed to it by broadcast station following dwindling revenue brought about by Covid-19.
According to the minister, the total debt being owed the federal government by broadcast stations amount to N7.8 billion and the 60 percent debt relief amounts to N4.2b.
However, he said for broadcast stations to enjoy the debt relief, they are expected to pay the 40 percent debt within the next three months.
He said, “Against this background, the management of the NBC has recommended, and the federal government has accepted 60 percent debt forgiveness for all debtor broadcast stations in the country,” he said.
“The effective date of the debt forgiveness shall be July 10 to October 6th, 2020.”
”The federal government has made these interventions with a view to repositioning the broadcast industry to play its critical role in promoting democracy and good governance in Nigeria.
“It is our expectation that the sector will cash in on this unique opportunity to make itself an effective catalyst for national development.”