Minster of Information and Culture, Lai Mohammed, says the ministry has applied for a $500 million loan to enable him actualise the digitalisation of Nigerian Television Authority (NTA) stations in the country.
He said the fund, when approved and disbursed, would also be used to improve the creative industry in the country.
Mr Mohammed made this known when he appeared before the Senate Committee on Local and Foreign Debts to defend the external borrowing plan sought by the ministry.
He said that the loan would help to improve the creative industry in Nigeria via the creation of additional 100,000 jobs for youths in the creative industry.
He also said that the fund would aid in the establishment of a Media and Cultural Training Centre and ensure digital coverage in all Nigeria villages which would create jobs.
He said the ITU had given a dateline for nations to migrate from analogue to digital television broadcast.
He said the training centre would help train Nigerian broadcasters and film makers and also generate revenue for the nation.
Mr Mohammed said that the digitilisation of all NTA stations would help to improve the content and quality of the nation’s television programmes.
Similarly, Kogi government also appeared before the committee to defend its external borrowing request of $100 million for the development of the state.
The Commissioner for Finance in the state, Ashiru Idris, told the committee that the fund, if approved, would be channelled into development of agriculture and solid mineral sectors and road infrastructure.
He said that 70 per cent of the people were farmers.
He said the loan would also help to develop Infrastructure in the state and attract investors.
A senator, Smart Adeyemi (APC Kogi) said the loan request was one of the best loans any state could embark on, noting that the fund would help create employment in the state and Nigeria.