PRICES OF DRUGS SET TO RISE AGAIN AS TARIFF WAIVERS HAVEN’T BEEN IMPLEMENTED

Drug prices have remained high as the federal government’s plan to introduce zero tariffs on pharmaceutical products drags.
In June 2024, President Bola Ahmed Tinubu signed an executive order aimed at eliminating tariffs, excise duties, and value- added tax (VAT) on specialised machinery, equipment and raw materials for pharmaceuticals. The goal was to stimulate local production of essential healthcare products such as syringes, biologicals, and medical textiles, thereby reducing production costs and making medicines more affordable.