By Matthew Denis, Abuja
As part of efforts by the Federal Government of Nigeria to cushion the effects of inflation on businesses and its citizenry, the Government is set to implement the executive order granting zero Value-Added Tax (VAT) and excise duties on pharmaceutical products and medical devices.
The Director of Information and Public Relations of the Federal Ministry of Health and Social Welfare, Alaba Balogun made this known in a statement on Wednesday.
According to the statement from the Ministry, “the implementation of the order will enable local pharmaceutical and medical device manufacturers to benefit from relief measures outlined by President Bola Tinubu.
“The implementation of this Executive Order is expected to lead to a notable reduction in the prices of essential pharmaceutical products and medical consumables, easing the financial burden on millions of Nigerians.
“This development will also boost local manufacturing, creating an environment that supports local producers and fosters a healthier and more self-reliant nation.
“Furthermore, the policy aims to improve healthcare access, making quality healthcare more accessible and affordable for all Nigerians. Additionally, the move is expected to contribute to Nigeria’s economic growth through increased local production.
“The gazetting of the Harmonized Implementation Framework marks the realisation of the third pillar of the Ministry’s 4-point agenda, focusing on unlocking the healthcare value chain.”
The statement further stressed that the Ministry of Health and Social Welfare remains committed to reducing the physical and financial pain faced by millions of Nigerians, ensuring quality healthcare becomes more accessible and affordable.
“Today is another great day for our country and a huge win for the health sector. We are grateful to President Bola Ahmed Tinubu for his continued commitment to improving the healthcare sector and supporting our local industries. “