PSN Hails Tinubu on Executive Order Removing Tariff, VAT on Pharma Imports

The Pharmaceutical Society of Nigeria (PSN) has commended President Bola Tinubu for the pragmatic approach to turning around the nation’s ailing health sector with the signing of the Executive Order granting zero tariffs, excise duties and VAT specified pharmaceuticals, machineries, equipment and raw materials.
The President of PSN, Prof. Cyril Usifoh, expressed optimism that the Order will bring down the skyrocketing prices of drugs in Nigeria and boost sustainable high-quality healthcare in the country.
According to him, it is a demonstration of the federal government’s commitment to the Nigeria Health Sector Renewal Investment Initiative (NHSRII).
The Order which focuses on pharmaceutical diagnostics, medical equipment, Prof. Usifoh said, will encourage local manufacturing of essential healthcare products, enhance the healthcare value chain; as well as promote investment in the sector and ultimately reduce costs of medical consumables.
He said,”I find it extremely delightful to convey the appreciation of the entire membership of the Pharmaceutical Society of Nigeria (PSN) and other prominent stakeholders in the pharmaceutical industry/sector to President Tinubu and Coordinating Minister of Health and Social Welfare on the signing of an Executive Order to increase local production of pharmaceuticals, diagnostics and medical devices.

“We are particularly grateful that this Order introduces zero tariffs, excise duties and VAT specified machineries, equipment and raw materials aimed at reducing production cost and enhancing our local manufacturers competitiveness. This demonstrates that the Nigeria Health Sector Renewal Investment Initiative (NHSRII) is not just another government initiative but a genuine commitment to turn around our ailing health sector,” Usifoh said.

Usifoh, who was delighted at the initiative, explained that the Order contain specified items, including Active Pharmaceutical Ingredients (API), excipients, other essential raw materials required for manufacturing of crucial health products like drugs, syringes and needles, long-lasting insecticidal nets and rapid diagnostic kits, among others; has the potential for success.

He further said that PSN is excited about the prospects of the Order which also provides for establishing market -shaping mechanisms to encourage local manufacturing, describing it as a game changer for the sector.

He urged the Coordinating Minister of Health and Social Welfare, Prof. Muhammed Pate, “to embark on other complementary measures instantly to bring down the skyrocketing prices of drugs in Nigeria.”