Sam Philip
Nigerians would soon begin to experience fall in pharmaceutical products as the Federal Ministry of Health and Social Welfare has confirmed the conclusion of the Executive Order on implementation framework of the zero Value Added Tax(VAT) on pharmaceutical products and devices.
The Executive Order has been invariably cleared for gazetting.
Consequently, the Federal Inland Revenue Service (FIRS) and the Nigeria Customs Service will begin the implementation of the zero VAT and excise duties on pharmaceutical products and devices.
President Bola Ahmed Tinubu had handed down the order relieve local pharmaceutical and medical devices manufacturers.
According to a statement by the Head of Information & Public Relations of the Ministry, Mr. Alaba Balogun, the implementation of the Executive Order would lead to a substantial reduction in the prices of essential pharmaceuticals and medical consumables.
“This aligns with the Ministry’s dedication to easing the financial burden on millions of Nigerians reliant on these critical health supplies.
“The gazetting of the Harmonized Implementation Framework also marks the completion of the third pillar in the Ministry’s 4-point agenda, which aims to unlock the healthcare value chain.
“By providing an enabling environment for local manufacturers, the Ministry hopes to build a more self-reliant nation with affordable, high-quality healthcare.
“The finalized framework will soon be distributed to relevant agencies, including FIRS and Customs, for immediate action. The Ministry extended its gratitude to President Tinubu for his commitment to improving the healthcare sector and supporting local industries, calling it a major victory for the nation’s health system.”