Thursday, October 10, 2024 -The Federal Government says it has finalised the Executive Order to implement zero Value-Added Tax and excise duties on pharmaceutical products and medical devices. The spokesman of the Federal Ministry of Health and Social Welfare, Alaba Balogun disclosed this in a statement released on Wednesday, October 9.
According to the statement, the Federal government has it has finalized the Executive Order’s harmonised implementation framework and is now ready to gazette it.
“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. 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.”
This comes about four months after the
Coordinating Minister of Health and Social Welfare, Prof Muhammad Pate,
announced that President Bola Tinubu signed an executive order to increase
local production of healthcare products, including pharmaceuticals, diagnostics,
devices such as needles and syringes, biologicals, medical textiles, and
others.
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