The Federal Ministry of Health and Social Welfare has finalized an Executive Order that establishes zero Value Added Tax (VAT) and excise duties on pharmaceutical products and medical devices.
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In a statement by Head, Information & Public Relations of the ministry, Alaba R. Balogun said the initiative now cleared for gazetting, is set to enhance local manufacturing and lower healthcare costs across the nation.
“This is a significant milestone for our healthcare settings, by implementing these tax relief measures, we are not only supporting local manufacturers but also making essential medicines more affordable for millions of Nigerians”. Balogun said.
The Ministry expects that this initiative will lead to a substantial reduction in prices for critical health supplies, easing the financial burden on citizens.
Balogun emphasized the alignment of this move with President Bola Ahmed Tinubu’s commitment to improving healthcare access.
“The gazetting of the Harmonized Implementation Framework is a pivotal step in our four-point agenda to unlock the healthcare value chain,” he added.
The framework will be shared with relevant agencies, including the Federal Inland Revenue Service (FIRS) and Nigeria Customs Service, for swift action.
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