President Bola Tinubu’s recent executive order suspending import duties and Value Added Tax (VAT) on drugs and pharmaceutical consumables has garnered praise from stakeholders in the health sector, who believe it will have a transformative impact on Nigeria’s economy.
In interviews with the News Agency of Nigeria (NAN) on Tuesday in Ibadan, representatives from various healthcare organizations expressed their commendation for the visionary move by President Tinubu.
The Coordinating Minister of Health and Social Welfare, Ali Pate, announced the signing of the executive order last Friday, highlighting its objective of alleviating the high cost of locally-produced pharmaceuticals, diagnostic tools, and medical devices.
This includes items such as needles and syringes, biological and medical textiles, among others.
Dr. Happy Adedapo, the acting Chairman of the Nigerian Medical Association (NMA) in Oyo State, emphasized the positive impact this policy would have on the medical sector.
He stated that it would make medications more affordable for everyone, particularly for those whose lives depend on regular intake of medicine. With the current inflationary pressures, the policy is seen as a welcome relief.
Adedapo further suggested that the government should continue to incentivize and support local drug production to reduce costs and promote self-sufficiency.
He commended the president for this initiative, recognizing its potential to strengthen the economy by reducing the demand for foreign currency and supporting local drug manufacturers.
Dr. Olumuyiwa Ajanaku, Chairman of the Association of Nigerian Private Medical Practitioners (ANPMP) in Oyo State, also praised the executive order, lauding President Tinubu for his attentiveness to the needs of the citizens.
Ajanaku emphasized that this move would alleviate the burden of out-of-pocket payments and make healthcare delivery more accessible and affordable for the common man.
He also highlighted the benefits it would bring to caregivers, enabling them to access various brands of drugs at affordable prices.
President Tinubu’s game-changing executive order has set in motion a wave of optimism in the healthcare sector.
With increased accessibility to affordable medications and medical devices, Nigeria’s healthcare system might be for a transformative boost.
