FG Ready To Gazette Order On Zero VAT For Pharmaceutical Products

The Ministry of Health and Social Welfare has announced the finalization of the Executive Order Harmonized Implementation Framework, which has now been cleared for gazetting.

This was contained in a press statement released on Wednesday by the ministry’s Head of Information & Public Relations, Alaba R. Balogun

Balogun stated 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.
”It 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.”

He went further to clarify that the 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.

Noting that With the implementation of this Executive Order, there is anticipation of a notable reduction in the prices of essential pharmaceutical products and medical consumables.

However, the gazetting of the order represents the realization of the third pillar of the ministry’s 4-point agenda, which focuses on unlocking the healthcare value chain.

It is also expected to create an environment that supports local manufacturers, the fostering of a healthier, more self-reliant nation, and ensuring that quality healthcare becomes more accessible and affordable for all will be achieved.

Balogun further stated that the gazetted copies of the order will be distributed to the relevant government agencies, including FIRS and Customs for immediate action.

Meanwhile, he applauded the country for this great win for the health sector and also appreciated the president Bola Ahmed Tinibu for his continued commitment to improving the health care sector and supporting our local industries.

FG Ready To Gazette Order On Zero VAT For Pharmaceutical Products is first published on The Whistler Newspaper