FG Announces Zero VAT Framework for Pharmaceutical Manufacturers

The federal government has announced the successful finalisation of the Harmonised Implementation Framework for the Executive Order on Zero VAT for Pharmaceutical Manufacturers, now approved for publication in the gazette.

Daily Report Nigeria reports that the Ministry of Health and Social Welfare made the announcement in a statement released by Alaba R Balogun, Head of Information & Public Relations.

Balogun revealed its satisfaction with the completion of the framework, which paves the way for the Federal Inland Revenue Service (FIRS) and the Nigeria Customs Service to implement zero VAT and excise duties on pharmaceutical products and medical devices.

He added that this development allows local pharmaceutical and medical device manufacturers to fully benefit from the relief measures introduced by President Bola Tinubu in the Executive Order.

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The Ministry anticipates a notable reduction in the prices of essential pharmaceutical products and medical consumables, aligning with its commitment to alleviating both the physical and financial burdens faced by millions of Nigerians reliant on these critical health supplies.

The gazetting of the Harmonised Implementation Framework also marks the achievement of the third pillar of the Ministry’s 4-point agenda, which aims to unlock the healthcare value chain.

By fostering an environment that supports local manufacturers, the Ministry is working towards a healthier, more self-reliant nation, ensuring that quality healthcare becomes more accessible and affordable for all.

Gazetted copies of the Harmonised Implementation Framework will be distributed to relevant government agencies, including FIRS and Customs, for immediate action.