Pres. Tinubu signs executive order to introduce zero tax 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.
This was disclosed by the coordinating minister of health and social welfare, Muhammad Ali Pate, in a statement on Friday, June 28, 2024.
“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.).
The Minister of Justice and Attorney General of the Federation, Prince Lateef Olasunkanmi Fagbemi SAN, is to now take the next steps towards codifying the new Order.
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.
