Business

Federal Government Gives Lifeline To Broadcast Stations Amid Pandemic

Funke Busari, Lagos

The Federal Government has announced a 60 percent debt forgiveness for broadcast stations in Nigeria on Monday.

This move is on the heels of COVID-19 pandemic which has seen advert revenues for broadcast stations take a plunge leading to job cuts and furloughs.

The Minister of Information and Culture Lai Mohammed who communicated this information said the move is however contingent on them paying 40 percent of their existing debt within the next three months.

Mr. Mohammed also said existing licence fees have also been discounted by 30 per cent for all Open Terrestrial Radio and Television services effective July 10, 2020.

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