Executive Order On Zero VAT For Pharmaceuticals Finalized By FG, Awaiting Gazetting

Executive Order On Zero VAT For Pharmaceuticals Finalized By FG, Awaiting GazettingThe federal government, through the Ministry of Health and Social Welfare, has announced the successful finalization of the harmonized implementation framework for the Executive Order on zero VAT for pharmaceutical manufacturers, which is now approved for publication in the gazette. This announcement was made on Wednesday by Alaba R. Balogun, Head of Information & Public Relations at the Ministry.....KINDLY READ THE FULL STORY HERE▶

The statement highlights that this order will enable local pharmaceutical and medical device manufacturers to fully benefit from the relief measures outlined by President Bola Ahmed Tinubu in the Executive Order. Balogun emphasized that the gazetting of this order is expected to reduce the costs of critical health supplies and provide relief to Nigerians.

The Ministry’s statement read: “We are pleased to announce the completion of the Executive Order Harmonized Implementation Framework, which is now cleared for gazetting. This significant milestone allows the Federal Inland Revenue Service (FIRS) and the Nigeria Customs Service to implement zero VAT and excise duties on pharmaceutical products and medical devices. This opens the door for local manufacturers to take full advantage of the relief measures established by His Excellency, President Bola Ahmed Tinubu.

“With this Executive Order’s implementation, we expect a substantial decrease in the prices of essential pharmaceutical products and medical consumables. This aligns with our commitment to alleviating the physical and financial burdens faced by millions of Nigerians reliant on these critical health supplies.

“The gazetting of the Harmonized Implementation Framework also marks the realization of the third pillar of the Ministry’s 4-point agenda, aimed at unlocking the healthcare value chain. By fostering a supportive environment for local manufacturers, we are building a healthier and more self-reliant nation, making quality healthcare more accessible and affordable for everyone.

“Copies of the gazetted Harmonized Implementation Framework will be distributed to relevant government agencies, including FIRS and Customs, for immediate action.

“Today is a significant day for our country and a major victory for the health sector. We are grateful to President Tinubu for his unwavering commitment to enhancing the healthcare sector and supporting our local industries.

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