Tinubu Signs Executive Order to Eliminate Tariffs on Pharmaceutical Inputs

President Bola Tinubu has issued an executive order removing tariffs, excise duties, and value-added tax on imported pharmaceutical inputs.

The Minister of Justice and Attorney General of the Federation, Prince Lateef Olasunkanmi Fagbemi, is tasked with codifying the new order. “The Order also provides for establishing market-shaping mechanisms such as framework contracts and volume guarantees, to encourage local manufacturers. Before signing the executive order, President Tinubu had directed the Attorney-General of the Federation , Lateef Fagbemi, to prepare an order to regulate pharmaceutical prices and make essential medicines more affordable for citizens.

He also pointed out challenges in procurement processes, policy inconsistencies, clearing conditions, and the need for pharmaceutical manufacturing development funds and research development. “The rising cost of pharmaceuticals is a major issue that concerns us all in government. It’s not only a Nigerian issue; it is a global issue. We are very focused on easing the burden on Nigerians, especially the poorest and most vulnerable,” Pate said, addressing the challenges highlighted by the pharmaceutical industry.

Pate said the government is committed to supporting local pharmaceutical manufacturers and reducing their burden.

Nigeria Latest News, Nigeria Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Tinubu signs executive order to slash pharmaceutical pricesThe Nation Newspaper Tinubu signs executive order to slash pharmaceutical prices
Source: TheNationNews - 🏆 6. / 69 Read more »

BREAKING: President Tinubu Signs Executive Order to Slash Pharmaceutical PricesA Trusted Nigerian Newspaper
Source: NigeriaNewsdesk - 🏆 10. / 63 Read more »

Tinubu signs executive order to introduce zero tax on imported pharmaceutical inputsPresident Bola Tinubu has signed an executive order to introduce zero tariffs, excise duties and VAT on imported pharmaceutical inputs.
Source: thecableng - 🏆 2. / 80 Read more »

Tinubu signs new executive order to address rising cost of drugs, other consumablesMr Pate said the new order will reduce production costs and enhance local manufacturers’ competitiveness.
Source: PremiumTimesng - 🏆 3. / 78 Read more »

Gov Bala Signs Three Executive Order On Unfair Trade Practices, Illegal DeforestationThe Latest News from Nigeria and Around the World
Source: channelstv - 🏆 7. / 63 Read more »

Executive Order designed to protect mineral resources within Ogun, says AbiodunThe Ogun State Government has said that Governor Dapo Abiodun's Executive Order creating the mineral resources agency is aimed at protecting those resources in its domain and entrenching decency and sanity in the sector for the common good of the people in the state.
Source: GuardianNigeria - 🏆 1. / 94 Read more »