BREAKING: President Tinubu Signs Executive Order to Slash Pharmaceutical Prices

President Bola Tinubu has signed an executive order to introduce zero tariffs, excise duties and value-added tax on imported pharmaceutical inputs.This was made known in a statement on Friday by the coordinating minister of health and social welfare, Muhammad Ali Pate.He said the order introduces zero tariffs, excise duties, and value-added tax on specified machinery, equipment, and raw materials imported for pharmaceutical production.

“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,” he said.“Specified items include Active Pharmaceutical Ingredients , 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.

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