More affordable medical expenses in sight as FG finalises tax relief for the healthcare sector

The compassionate move to force down prices of drugs and medical expenses by the federal government has received applause from The Tinubu Stakeholders Forum (TSF).

Inspite of its drive and commitment to generate revenue to meet several infrastructural needs, government, according to the TSF has bent backwards to grant tax reliefs on pharmaceutical products, medical devices and allied products so that the citizenry might benefit from cheaper and better medical services.

In a statement signed by its Chairman Ahmad Sajoh and Secretary Afolabi Josiah, TSF noted that the move came through the finalisation of an Executive Order which aimed at implementing a zero Value-Added Tax and excise duties on pharmaceutical products and medical devices.

“This also underscores President Bola Tinubu’s commitment to strengthening Nigeria’s healthcare sector and bringing down citizens’ expenditure in that regard, the TSF affirmed.

It said: “On June 28, this year, the Coordinating Minister of Health and Social Welfare, Prof. Muhammad Pate announced that President Tinubu had signed an Executive Order to boost local production of healthcare products, including pharmaceuticals, diagnostics, medical devices, biologicals, and medical textiles.

“The announcement as disclosed by the Federal Ministry of Health and Social Welfare has confirmed that the harmonised implementation framework has now been cleared for gazetting.

“We believe that this step is crucial and for us, it paves the way for the Federal Inland Revenue Service (FIRS) and the Nigeria Customs Service (NCS) to proceed with the implementation of the zero VAT and excise duties.

“With this milestone, local manufacturers in the pharmaceutical and medical device sectors can fully leverage on the relief measures provided by the Executive Order, leading to a more competitive healthcare industry in Nigeria.

“We at TSF believe that the implementation of this Executive Order will result in a tangible reduction in the prices of essential medicines and medical consumables, making healthcare more affordable for millions of Nigerians.

“This move aligns with the Ministry’s agenda to unlock the healthcare value chain and alleviate the financial pressures faced by citizens who rely on these critical supplies.

“We urge all stakeholders in the healthcare industry to support the government’s efforts and work together towards realizing the full potential of these policy measures.”

The group added that the Executive Order is a testament to President Tinubu’s vision for a healthier and more self-reliant Nigeria.

==============