Nigeria Nigerians Still Can’t Afford Medicine Despite Tinubu’s Order

The Digest:

Despite a presidential executive order aimed at slashing drug tariffs and taxes, a new report shows that medication prices in Nigeria have continued to soar. According to a PUNCH investigation, the policy's failure to curb costs has left many patients and families struggling to afford essential, life-saving medicines.

Key Points:

• President Tinubu's June 2024 executive order aimed to reduce drug costs.
• The order removed tariffs, excise duties, and VAT on pharmaceutical raw materials.
• A market survey found prices have increased by 30% to 100% since the order.
• Many essential drugs for chronic diseases like diabetes and hypertension have seen steep hikes.
• Stakeholders blame the lack of policy implementation and Nigeria’s heavy reliance on imports.
• High foreign exchange rates, rising energy costs, and other inefficiencies contribute to the problem.
• A pharmacist noted some prices may be dropping slowly on new imports, but most are still high.

The ongoing price hikes reveal a significant disconnect between government policy and market reality, leaving patients to bear the burden. It is a sobering lesson on the gap between intent and implementation.

Sources: The PUNCH