Removal of VAT, import duties on medical supplies changed nothing – Shehu Sani

Removal of VAT, import duties on medical supplies changed nothing – Shehu Sani

 Former lawmaker, Senator Shehu Sani has suggested that the
removal of the customs duties on imported drugs has not reflected in the prices
of medical supplies.

 

Sani said even with the policy, there has not been a drop in
prices of drugs at the pharmaceutical shops despite President Bola Tinubu
signing an executive order to suspend import duties.

 

“The removal of the customs duties on imported drugs has not
resulted to a drop in prices of drugs at the pharmaceutical shops,” the
ex-lawmaker posted on X on Sunday.

 

Recall that Tinubu in June signed an executive
order to suspend import duties and value-added tax on essential medical
supplies imported into the country.

 

This was aimed at easing the high cost of locally producing
pharmaceuticals, diagnostics, and medical devices such as needles and syringes,
among others.

 

Minister of Health and Social Welfare, Muhammad Ali Pate,
who announced the development said: “The order is pivotal to the success of the
Initiative for Unlocking the Health Care Value Chain which was approved in
October 2023 by the President.

 

“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.”

 

Source: Removal of VAT, import duties on medical supplies changed nothing – Shehu Sani

 - NigerianEye

The story behind the headline — analyzed by 10 AI models, updated 4x daily. → drux.space/hub