The Executive Order on zero VAT and excise charges on pharmaceutical products and medical devices has been finalized by the Federal Government, acting through the Ministry of Health and Social Welfare.
The Executive Order has now been cleared for gazetting, according to a statement made by the ministry’s head of information and public relations, Alaba R. Balogun, on Wednesday in Abuja.
According to Alaba, this move will allow the Nigeria Customs Service and the Federal Inland Revenue Service (FIRS) to move on with implementing 0% VAT and excise charges on pharmaceuticals and medical devices.
He continued by saying that the relief measures would be extended to local manufacturers of pharmaceuticals and medical devices as a result of this historic milestone.
According to the statement, this is an important turning point because it allows our regional manufacturers of pharmaceuticals and medical devices to start reaping the full benefits of the relief measures that President Bola Ahmed Tinubu, His Excellency, indicated in the Executive Order.
“The Executive Order Harmonized Implementation Framework has been finalized and is now ready for gazetting,” the Federal Ministry of Health and Social Welfare said in a statement.
“This crucial action guarantees that the Nigeria Customs Service and the Federal Inland Revenue Service (FIRS) can move forward with implementing zero VAT and excise charges on pharmaceutical products and medical devices.
This is an important turning point because it allows our regional manufacturers of pharmaceuticals and medical devices to start reaping the full benefits of the relief measures that President Bola Ahmed Tinubu, His Excellency, stated in the Executive Order.
We hope that this Executive Order will result in a significant drop in the cost of necessary pharmaceuticals and medical supplies.
“This development is in line with the Ministry’s steadfast dedication to lessening the financial and physical suffering endured by the millions of Nigerians who depend on these essential health supplies.
Moreover, the third pillar of the Ministry’s four-point agenda—unlocking the healthcare value chain—has been realized with the gazetting of the Harmonized Implementation Framework. We are building a healthier, more independent country and making sure that everyone has access to high-quality healthcare at a reasonable price by supporting local manufacturing.
The appropriate government agencies, such as FIRS and Customs, will get gazetted copies of the Harmonized Implementation Framework so they can take prompt action.
Without a sure, this is yet another fantastic day for our nation and a major victory for the health sector.
“We appreciate President BAT’s unwavering dedication to advancing healthcare and bolstering regional businesses.”
