FG introduces zero VAT framework for pharma manufacturers
The federal government has finalized the Harmonised Implementation Framework for the Executive Order on Zero VAT for Pharmaceutical Manufacturers, which is now set for publication in the gazette.
In a statement, Alaba R Balogun, Head of Information & Public Relations at the Ministry of Health and Social Welfare, expressed satisfaction with the framework’s completion. This new framework enables the Federal Inland Revenue Service (FIRS) and the Nigeria Customs Service to implement zero VAT and excise duties on pharmaceutical products and medical devices.
Balogun noted that this initiative allows local pharmaceutical and medical device manufacturers to fully benefit from the relief measures introduced by President Bola Tinubu in the Executive Order.
The Ministry expects a significant reduction in the prices of essential pharmaceutical products and medical consumables, demonstrating its commitment to easing the physical and financial burdens on millions of Nigerians dependent on these vital health supplies.
The gazetting of the Harmonised Implementation Framework also marks the achievement of the third pillar of the Ministry’s 4-point agenda, aimed at enhancing the healthcare value chain.
By creating a supportive environment for local manufacturers, the Ministry is striving for a healthier, more self-reliant nation, ensuring that quality healthcare is more accessible and affordable for all.
Copies of the Harmonised Implementation Framework will be distributed to relevant government agencies, including the FIRS and Customs, for immediate implementation.
Proofreading by Uchechi Ojo, Sub-editor at Neptune Prime.
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