vtuking

FG writes off N4.2bn debt for radio, TV stations

 

 

 

The Federal Government has decided to write off 60 per cent of the N7bn owed by radio and television stations in licensing and renewal fees.

 

The government has also slashed the existing licence fee by 30 per cent for all open terrestrial radio and television services with effect from July 10.

 

The Minister of Information and Culture, Lai Mohammed, disclosed these at a press conference he addressed with the acting Director-General of the National Broadcasting Commission, Prof. Armstrong Idachaba, in Abuja on Monday.

 

The N7bn being owed the Federal Government by the broadcast industry is the total outstanding from television and radio stations on renewal of their operating licences.

 

Mohammed however said for any debtor station to benefit from the 60 per cent debt relief, it must be ready to pay the 40 per cent balance within the next three months.

 

He said the debt relief offer would open on July 10 and close on October 6, 2020.

 

The minister said the measures announced were aimed at giving a lifeline to the broadcast industry, which, he said, had been affected by the COVID-19 pandemic.

 

He said while the pandemic had affected all sectors of the nation’s economy, the broadcast industry had been particularly hard hit due to falling revenues occasioned by the dwindling adverts and sponsored programmes.

 

The measures, the minister added, were in addition to the two-month licence-fee waiver granted to terrestrial broadcast stations in the country by the NBC.

 

He however said Pay TV stations would not benefit from the debt relief and discounted licence fee offer.

 

Mohammed said, “According to the NBC, many Nigerian radio and television stations remain indebted to the Federal Government to the tune of N7bn.

 

More in Business

 

Buhari bars VIPs’ aides from airport terminals

 

CBN debits banks N122bn, moves to unify exchange rates

 

Flight resumption: FG constitutes COVID-19 protocols enforcement team

 

$11.5bn injected into forex market in Q1 – CBN

 

Stock market extends decline, investors lose N162bn

“Also, many of the stations are faced with the reality that their licences will not be renewed, in view of their indebtedness.

 

“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-month window shall forfeit the opportunity to enjoy the stated debt forgiveness.

 

READ ALSO: HoS declares NASS clerk, others’ service extension illegal

 

“(d) The existing license fee is further discounted by 30 per cent for all open terrestrial radio and television services effective July 10, 2020.

 

“(e) The debt forgiveness shall apply to functional licensed terrestrial radio and television stations only. (f) The debt forgiveness and discount shall not apply to pay TV service operators in Nigeria.”

 

When asked what the government was doing about the print media industry, the minister said he was waiting for the leadership of the Newspapers Proprietors Association of Nigeria to provide him with information based on their agreement during a webinar he had with members recently.

 

He said engagements were on as he had already discussed the matter with the Governor of the Central Bank of Nigeria, Godwin Emefiele.

 

On the “Pay as you view” policy being proposed for the PAY TV stations, Mohammed said it was the way to go.

 

He said the conclusion from his recent appearance before the House of Representatives was that the policy could be implemented in Nigeria.

vtuking

20 Comments

  1. Profile photo ofSommycruz

    Reply

    It’s alright

  2. Reply

    That’s a huge amount of money

  3. Reply

    This is alright

  4. Reply

    That’s a lot

  5. Reply

    Wonderful news

  6. Reply

    That’s great news

  7. Reply

    This is really good and interesting to know

  8. Reply

    It’s informative

  9. Reply

    The money is really big

  10. Reply

    Informative article

  11. Reply

    the money is big

  12. Reply

    Nice

  13. Reply

    Thanks for the update

  14. Reply

    Hmmm

  15. Reply

    Thanks

  16. Profile photo ofYusuf

    Reply

    Naija and debt…..well lets just stay positive

  17. Reply

    Okay

  18. Profile photo ofExcel01

    Reply

    Umm naija

  19. Reply

    Cool update…..good sharing

  20. Reply

    Good one

Leave a Reply

Your email address will not be published. Required fields are marked *

You may use these <abbr title="HyperText Markup Language">HTML</abbr> tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <s> <strike> <strong>