Tinubu Signs Executive Order On Import Duties, VAT On Pharmaceutical Inputs
President Bola Tinubu has signed an executive order eliminating tariffs, excise duties, and value-added tax (VAT) on imported pharmaceutical inputs.
This initiative aims to rejuvenate Nigeria’s health sector and boost the local production of healthcare products.
Muhammad Ali Pate, the Coordinating Minister of Health and Social Welfare, announced the executive order on Friday, highlighting its significance in revitalizing the Nigerian health sector.
The order targets the increased local production of pharmaceuticals, diagnostics, medical devices such as needles and syringes, biologicals, and medical textiles.
“In a transformative move to revitalize the Nigerian health sector, His Excellency President Bola Ahmed Tinubu, GCFR, has signed an Executive Order aiming to increase local production of healthcare products (pharmaceuticals, diagnostics, devices such as needles and syringes, biologicals, medical textile, etc.),” Pate stated.
Pate further mentioned that the Minister of Justice and Attorney General of the Federation, Prince Lateef Olasunkanmi Fagbemi SAN, will be responsible for codifying the new order.
The order introduces zero tariffs, excise duties, and VAT on specified machinery, equipment, and raw materials.
This measure is expected to reduce production costs and enhance the competitiveness of local manufacturers.
Tribune
