The Federal Government has made public an Executive Order to implement zero Value-Added Tax and excise duties on pharmaceutical products and medical devices.
This was disclosed in a press statement on Wednesday, signed by the Head of Information and Public Relations at the Federal Ministry of Health and Social Welfare, Alaba Balogun.
It said that local manufacturers of pharmaceutical products will now begin to benefit from the relief measures.
It said: “The Ministry of Health and Social Welfare is pleased to announce the finalization of the Executive Order Harmonized Implementation Farmework, which has now been cleared for gazetting. This critical step ensures that the Federal Inland Revenue services (FIRS) and the Nigeria Customs Service can proceed with the implementation of zero vat and excise duties on pharmaceutical products and medical devices”.
“With the implementation of this Executive Order, we anticipate a notable reduction in the prices of essential pharmaceutical productd and medical consumables. This development aligns with the Ministry’s unwavering coomitment to reducing both physical and financial pain faced by millions of Nigerians who depend on these critical health supplies”.
The Nigerian healthcare system has faced persistent challenges, including high costs for essential medications and medical devices, which have adversely affected access to healthcare for millions of citizens.
Recognising the need for reform, the government has prioritised initiatives to support local pharmaceutical manufacturing and reduce the financial burden on consumers.
The Executive Order aligns with the Ministry of Health and Social Welfare’s four-point agenda, which focuses on improving healthcare access, promoting local manufacturing, and strengthening the healthcare value chain.
