The Federal Government has finally commenced implementation of the framework that abolishes value-added tax (VAT) and excise duties on pharmaceutical products and medical devices.
According to the minister of state for health and social welfare, Dr. Tunji Alausa, the development will stabilize the pharmaceutical market and ensure that essential medications and medical devices are available at lower costs.
The move will also enhance the operational capacity of local pharmaceutical manufacturers and reduce the prices of essential healthcare supplies.
“The new framework allows the Federal Inland Revenue Service (FIRS) and the Nigeria Customs Service to implement these tax exemptions, paving the way for local producers to fully benefit from the relief measures initiated by President Bola Ahmed Tinubu,” Alausa said.
The minister anticipated that this initiative would alleviate the financial burden on millions of Nigerians reliant on critical health supplies.
