The Federal Government is set to implement zero Value-Added Tax and excise duties on pharmaceutical products and medical devices.
According to the spokesman of the Federal Ministry of Health and Social Welfare, Alaba Balogun, finalisation of the Executive Order’s harmonised implementation framework has now been cleared for gazetting.
Balogun stated thus:
“This critical step ensures that the Federal Inland Revenue Service and the Nigeria Customs Service can proceed with the implementation of zero VAT and excise duties on pharmaceutical products and medical devices,” he said.
“This is a significant milestone, as it opens the door for our local pharmaceutical and medical device manufacturers to begin fully benefiting from the relief measures outlined by His Excellency, President Bola Ahmed Tinubu, in the Executive Order.
“With the implementation of this Executive Order, we anticipate a notable reduction in the prices of essential pharmaceutical products and medical consumables.
“This development aligns with the Ministry’s unwavering commitment to reducing both the physical and financial pain faced by millions of Nigerians who depend on these critical health supplies.”