Igwe Ezechuamagha of Ogidi Kingdom, HRM Igwe (Pharm.) Alexander Uzodinma Onyido, has berated the rising cost of drugs and medicines in the country despite the signing of the Executive order by President Bola Tinubu which introduces zero tariffs, excise duties and VAT specified machineries, equipment and raw materials aimed at reducing production cost and enhancing the competitiveness of local manufacturers.

He noted this speaking CEOAFRICA in an interview, at the Dinner/Award Night held after the 2024 Mid-Year Meeting of the Board of Fellows of the Pharmaceutical Society of Nigeria (BOF-PSN) on Thursday, June 27, 2024, in Awka, Anambra State.

Recall that last week, President Bola Tinubu signed an Executive Order that aims to lower production costs and boost the competitiveness of local manufacturers by introducing zero tariffs, excise duties, and value added tax (VAT) on imported pharmaceutical inputs on certain machinery, equipment, and raw materials.

The Igwe of Ogidi Kingdom stated that despite the government order on zero tariffs and excise duties, inflation on the price of drugs seems to have gone higher than before.

“It is not fair. If government has pronounced free tariff, everybody should obey,” he said.

The monarch who noted that the Nigerian Customs have refused to obey the order, disclosed that “we are still paying high on tariff despite the government order. The Customs should obey their pronouncement,” he said.

Igwe Onyido, a Fellow of the Pharmaceutical Society of Nigeria (PSN), said importation of goods and pharmaceutical products always requires spending huge amount of money which in turn, leads to drugs being sold at a high price.