The
Federal Ministry of Health and Social Welfare is pleased to announce the
finalization of the Executive Order Harmonized Implementation Framework, which
has now been cleared for gazetting. 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. 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.
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, 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.
Alaba R. Balogun
Head, Information & Public
Relations
09/10/2024