By Joyce Remi-Babayeju
In a bid to encourage local production of drugs in the country to relieve the health care needs of Nigerians, the Federal Ministry of Health and Social Welfare has announced the final placing of pharmaceutical products and medical consumables on the Zero VAT Order list, which Wii soon be gazetted.
According to a press release signed by the ministry’s Head, Information and Public Relations, Mr. Alaba Balogun,this new 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.
The move is in line with President Bola Ahmed Tinubu’s Executive Order which opens doors for local pharmaceutical and medical device manufacturers to benefit from the relief measures outlined by Mr. President to ensure a notable reduction in the prices of pharmaceutical products and medical consumables.
According to the ministry, this development in the health sector aligns with the Ministry’s unwavering commitment to reducing both the physical and financial pain faced by millions of Nigerians who depend on 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.
The Zero VAT Order will create an environment that supports local manufacturers, while 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 on Zero VAT will be distributed to the relevant government agencies, including FIRS and Customs for immediate action, the ministry noted.
