The Broadcasting Organisation of Nigeria (BON) has raised concerns for its member broadcasting stations, noting that many are underwater due to the nation’s current economic predicament.
BON says that broadcast stations as “institutions that maintain law and order, uphold peace and are political anchors” face significant risk as the economy deteriorates.
According to Dr Yemisi Bamgbose, Executive Secretary of BON, this requires serious intervention to prevent the total closure of stations. He added that should this occur, the credibility of news will no longer exist as it would be flooded by fake news.
BON’s Executive Secretary went further to say, “there are many indicates of emerging crises in Nigeria for mainstream media, which has been upholding law and order in the country is in jeopardy in line with economic uncertainty.”
The regulator mentioned that the existing electricity grid was crumbling prior to the notice, and public power distribution had seized; what added to their calamity was the ever-increasing electricity bill, yet they had none.
“In the last few years, all broadcast stations, including radio and television, were sustained by the influx of advertising; this has since declined as new broadcast stations enter the market. This has strained the revenue of broadcast organisations as administration costs are increasing daily,” he mentioned.
Dr Bamgbose further stated that the operational costs for both radio and television are currently standing at N500,000 to N700,000 and N700,000 to N1,000,000 daily to run generators, which have become their primary sources of power.