The upward review of duties on imported products and goods by the Federal Government has raised prices of imported goods and products and is having deleterious effect on life generally for millions of Nigerians. But the area where the effects of the implementation of the new policy is biting most is in the health sector where it is causing patients and healthcare providers sleepless nights.
A circular by the Minister of Finance, Mrs. Kemi Adeosun to the Nigeria Customs Services, NCS, raised the duty payable on imported medicaments such as anti-malarials and antibiotics. Following the directive on Tax for medicaments in the circular entitled “Import Adjustment Tax.”, a 20 per cent tax is being imposed on imported medicaments. No sooner was this announcement made than the prices of common Over-The-Counter, OTC, medications such as antibiotics, antimalarials and antipyretics jumped through the roof.
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