THE NATION
- Zero tariffs, excise duties, VAT on imported pharmaceutical inputs
President Bola Tinubu has signed an executive order to introduce zero tariffs, excise duties and Value-Added Tax (VAT) on imported pharmaceutical inputs, a statement by the coordinating Minister of Health and Social Welfare, Muhammad Ali Pate has said.
Pate said the order introduced zero tariffs, excise duties, and Value-Added Tax (VAT) on specified machinery, equipment, and raw materials imported for pharmaceutical production.
His words: “In a transformative move to revitalize the Nigerian health sector, His Excellency President Bola Ahmed Tinubu, GCFR @officialABAT, 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.).
“The Minister of Justice and Attorney General of the Federation @FedMinOfJustice, Prince Lateef Olasunkanmi Fagbemi SAN, @LOFagbemi, is to now take the next steps towards codifying the new Order.”
The Minister noted that the order is crucial to the success of the initiative for unlocking the healthcare value chain (PVAC_NG), which was approved in October 2023 by the president.
“The Order introduces zero tariffs, excise duties and VAT on specified machinery, equipment and raw materials, aiming to reduce production costs and enhance our local manufacturers’ competitiveness,” he said.
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