The federal government has said the implementation of the Executive Order on zero Value-Added Tax and excise duties on pharmaceutical products and medical devices will commence by January 2025.
It would be recalled that President Bola Tinubu signed an executive order in June, in a bid to reduce the hike in prices of drugs.
Giving an insight on the implementation of the Executive Order, the Director, Food and Drug Services, Federal Ministry of Health, Olubunmi Aribeana, spoke during a working visit with other officials to a pharmaceutical firm, Sagar Vitaceutical Nigeria Limited, (SVNL) in Sagamu, Ogun State.
She stressed that the framework of the implementation has been developed and sent to the ministry of justice.
“It was the initiative of the current minister of health to see that the cost of medicine is highly reduced in Nigeria and that led to the request of an executive order. We have worked with the department to unlock the value chain to ensure that we develop the framework for the implementation.
“The framework of the implementation has been developed. It has been sent to the Ministry of Justice and as soon as everything is ratified, we will commence implementation in a month from now,” she said.
