…Says local pharmaceutical and medical device manufacturers to fully benefit from the relief measures
The Federal Ministry of Health and Social Welfare has announced the finalization of the Executive Order Harmonized Implementation Framework, which has now been cleared for gazetting.
A statement signed by Alaba R. Balogun, Head, Information & Public Relations, revealed that this critical step ensures that the Federal Inland Revenue Service (FIRS) and the Nigeria Customs Service can proceed with the implementation of zero VAT and excise duties on pharmaceutical products and medical devices.
According to the statement, this is a significant milestone, that opens the door for local pharmaceutical and medical device manufacturers to begin fully benefiting from the relief measures outlined by President Bola Ahmed Tinubu, in the Executive Order.
It disclosed further, that with the implementation of this Executive Order, a notable reduction in the prices of essential pharmaceutical products and medical consumables can be anticipated. As 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.
Furthermore, 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. By creating an environment that supports local manufacturers, fostering a healthier, a more self-reliant nation, and ensuring that quality healthcare becomes more accessible and affordable for all.
It revealed that the gazetted copies of the Harmonized Implementation Framework will be distributed to the relevant government agencies, including FIRS and Customs for immediate action.
Making today another great day for Nigeria and a huge win for the health sector.
