The Federal Ministry of Health and Social Welfare said it has finalised the Executive Order Harmonised Implementation Framework, which has now been cleared for gazetting, to ensure that the Federal Inland Revenue Service (FIRS) and the Nigeria Customs Service (NCS) can proceed with the implementation of zero Value Added Tax (VAT) and excise duties on pharmaceutical products and medical devices.
The ministry’s head of information and public relations, Alaba Balogun, disclosed this in a statement on Wednesday in Abuja.
He described the development as a significant milestone, as it opens the door for the local pharmaceutical and medical device manufacturers to begin to fully benefit from the relief measures outlined by President Bola Tinubu, in the Executive Order.
“With the implementation of this Executive Order, we anticipate a notable reduction in the prices of essential pharmaceutical products and medical consumables. This development aligns with the Ministry’s unwavering commitment to reducing both the physical and financial pain faced by millions of Nigerians who depend on these critical health supplies,” he added.
Balogun further stated that the gazetting of the Harmonized Implementation Framework represents the realisation of the third pillar of the Ministry’s four-point agenda, which focuses on unlocking the healthcare value chain.
“By creating an environment that supports local manufacturers, we are fostering a healthier, more self-reliant nation, and ensuring that quality healthcare becomes more accessible and affordable for all.
“The gazetted copies of the Harmonized Implementation Framework will be distributed to the relevant government agencies, including FIRS and Customs for immediate action.
“Undoubtedly, today is another great day for our country and a huge win for the health sector. We are grateful to President BAT, for his continued commitment to improving the healthcare sector and supporting our local industries,” he added.
We’ve got the edge. Get real-time reports, breaking scoops, and exclusive angles delivered straight to your phone. Don’t settle for stale news. Join LEADERSHIP NEWS on WhatsApp for 24/7 updates →
Join Our WhatsApp Channel
