Executive Order On Zero VAT For Pharmaceutical Manufacturers Finalized – FG
By Alice Etuka, Abuja
The Federal Ministry of Health and Social Welfare has announced that the Executive Order on zero VAT for pharmaceutical manufacturers in the country has been finalized and cleared for gazetting.
Head, Information & Public Relations of the Ministry, Alaba Balogun disclosed this in a statement issued on Wednesday, October 9, 2024.
Balogun explained that this critical step ensured that the Federal Inland Revenue Service (FIRS) and the Nigeria Customs Service could proceed with the implementation of zero VAT and excise duties on pharmaceutical products and medical devices.
“This is a significant milestone, as it opens the door for our local pharmaceutical and medical device manufacturers to begin fully benefiting from the relief measures outlined by His Excellency, President Bola Ahmed 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 said.
According to him, the gazetting of the Harmonized Implementation Framework represents the realization of the third pillar of the Ministry’s 4-point agenda, which focuses on unlocking the healthcare value chain.
The Director informed that, 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”, Balogun said.
