- The Federal Ministry of Health has finalized the Executive Order for zero VAT and excise duties on pharmaceutical products and medical devices
- This initiative aims to reduce healthcare costs, empowering local manufacturers and enhancing access to essential medical supplies for Nigerians
The Federal Ministry of Health and Social Welfare has announced the finalization of the Executive Order Harmonized Implementation Framework, which is now ready for official gazetting.
This development allows the Federal Inland Revenue Service (FIRS) and the Nigeria Customs Service to implement zero VAT and excise duties on pharmaceutical products and medical devices.
In a statement signed by the ministry’s Head of Information and Public Relations, Alaba Balogun, this step is crucial for enabling local pharmaceutical and medical device manufacturers to fully benefit from the relief measures outlined in President Bola Ahmed Tinubu’s Executive Order.
The ministry anticipates that implementing this Executive Order will significantly reduce the prices of essential pharmaceutical products and medical supplies, aligning with its commitment to easing the financial and physical burdens faced by millions of Nigerians who depend on these critical health products.
Additionally, the gazetting of the Harmonized Implementation Framework is part of the third pillar of the Ministry’s 4-point agenda, which focuses on unlocking the healthcare value chain.
By fostering a supportive environment for local manufacturers, the government aims to build a healthier, more self-reliant nation and ensure that quality healthcare becomes more accessible and affordable.
The gazetted copies will be distributed to relevant government agencies, including FIRS and Customs, for immediate action. Balogun thanked President Tinubu for his dedication to improving the healthcare sector and supporting local industries.