The Federal Ministry of Health and Social Welfare is set to enforce zero Value Added Tax (VAT) and excise duties on pharmaceutical products and medical devices.
This move is part of an initiative to reduce the financial burden on Nigerians and support local manufacturers in the healthcare sector.
This was revealed in a statement released by the ministry’s Head of Information & Public Relations, Alaba Balogun, on Thursday, he announced the finalisation of the Executive Order Harmonised Implementation Framework.
This framework has been cleared for gazetting, allowing the Federal Inland Revenue Service (FIRS) and Nigeria Customs Service to proceed with implementing zero VAT and excise duties on pharmaceutical and medical products.
The ministry expressed optimism that this step, outlined by President Bola Tinubu, will lead to a decrease in the cost of essential medicines and medical supplies, making healthcare more affordable for the population.
This aligns with the ministry’s four-point agenda, focusing on unlocking the healthcare value chain and supporting local manufacturers.
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