Senate to FG: Remove VAT, import duty on malaria, diabetes’ drugs

The Senate, on Tuesday, urged the federal government to streamline the import duty and VAT waivers granted on medical supplies to apply on essential pharmaceutical drugs. This followed a motion by Senator Ifeanyi Ubah (Anambra South), who noted that the import duty and VAT waivers granted on medical supplies did not extend to drugs such […]

The Senate, on Tuesday, urged the federal government to streamline the import duty and VAT waivers granted on medical supplies to apply on essential pharmaceutical drugs.

This followed a motion by Senator Ifeanyi Ubah (Anambra South), who noted that the import duty and VAT waivers granted on medical supplies did not extend to drugs such as anti-malaria, anti-diabetics, anti-hypertensive, anti-cancer and several others needed by children and the elderly, being the most vulnerable group to COVID-19 infection.

The lawmaker said the current exchange rate has hit hard on pharmaceutical companies as the Nigerian Customs rate of N465 to a Dollar had made it very difficult for importers.

READ: List of “essential medicines” edges toward national use

Many of the pharmaceutical companies rely more on drugs imports which is to the tune of about 70%, he added.

The lawmaker noted that at the moment people with underlying ailments such as diabetes, asthma, high blood pressure, cancer were reported to have recorded the highest mortality rate out of those who died from COVID-19.

This, he said, underscored the need for special fiscal measures to ensure that drugs for the treatment of such categories of persons are granted import duty and VAT waivers so that those who need such drugs can access them easily.