The Minister of Information and Culture, Lai Mohammed, disclosed this at a press conference in Abuja.
Mohammed 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.
“ 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. “ The existing license fee is further discounted by 30 per cent for all Open Terrestrial Radio and Television services effective July 10th, 2020
“ The debt forgiveness shall apply to functional licensed Terrestrial Radio and Television stations only.“ The effective date of the debt forgiveness shall be July 10th