Health

Ministry of Health Announces Executive Order to Remove VAT on Pharmaceuticals

Published

2 months ago

Oct 9, 2024.

The Ministry of Health and Social Welfare has finalized an Executive Order that removes Value Added Tax (VAT) on pharmaceutical products and medical devices.

This development will enable the Federal Inland Revenue Service (FIRS) and the Nigeria Customs Service to implement zero Value Added Tax (VAT) and excise duties on pharmaceutical products and medical devices.

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It will equally open the door for local pharmaceutical and medical device manufacturers to fully benefit from the relief measures outlined by President Bola Ahmed Tinubu in the Executive Order.

Alaba R. Balogun, Head of Information & Public Relations, Ministry of Health and Social Welfare, made this known in a statement on Wednesday.

According to the statement, the gazetting of the Harmonized Implementation Framework is a key achievement under the Ministry’s 4-point agenda, particularly focusing on unlocking the healthcare value chain.

“By creating a supportive environment for local manufacturers, the initiative aims to foster a healthier, more self-reliant nation, ensuring that quality healthcare becomes more accessible and affordable for all.

“Copies of the gazetted Harmonized Implementation Framework will be promptly distributed to relevant government agencies, including FIRS and Customs, for immediate action.