The Federal Government of Nigeria has announced the finalisation of an Executive Order to implement zero Value-Added Tax (VAT) and excise duties on pharmaceutical products and medical devices.
This was disclosed in a statement on Wednesday by Alaba Balogun, spokesman for the Federal Ministry of Health and Social Welfare.
Balogun explained that the harmonised implementation framework has been cleared for gazetting, ensuring that the Federal Inland Revenue Service (FIRS) and Nigeria Customs Service can now proceed with its execution.
“This milestone will allow local pharmaceutical and medical device manufacturers to fully benefit from the relief measures initiated by President Bola Ahmed Tinubu,” he said.
The initiative is expected to lead to a significant reduction in the prices of essential healthcare products, easing the financial burden on millions of Nigerians.
The implementation is part of the Ministry’s broader agenda to strengthen the healthcare value chain, marking the realisation of the third pillar of the Ministry’s four-point plan.
The development follows the announcement made by the Coordinating Minister of Health and Social Welfare, Prof. Muhammad Pate, about President Tinubu’s Executive Order aimed at boosting local production of healthcare products.
