Nigeria TV Info Report
The Pharmaceutical Society of Nigeria (PSN), Lagos State Branch, has blamed the Federal Government and the National Agency for Food and Drug Administration and Control (NAFDAC) for the alarming rise in drug prices across the country, describing government interventions as ineffective and poorly implemented.
According to the state chairman of the society, Oyekunle Babayemi, President Bola Tinubu's executive order aimed at reducing drug prices has "failed completely" and is instead worsening the pharmaceutical crisis in Nigeria.
"The Executive Order signed in June 2024, which was supposed to remove tariffs, excise duties, and VAT on pharmaceutical inputs, has not translated into cheaper drugs. Instead, Nigerians are paying more, and life-saving medicines are becoming scarce,".
Babayemi also accused NAFDAC of imposing exploitative and unfair fees on drug importers and manufacturers, which he said are directly responsible for the current surge in drug prices.
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