Drug Prices Soar Despite Tinubu’s Executive Order On Tariff Waivers

Despite President Tinubu's executive order on tariff waivers to reduce production costs and ease the burden on consumers, drug prices in Nigeria have soared by up to 100% since June 28, 2024. The order aimed to support local manufacturing of healthcare products by eliminating tariffs on raw materials.

However, a recent market survey by Punch revealed that essential medicine prices have continued to rise, with some increasing by as much as 124%. The Nigeria Customs Service announced the commencement of the order's implementation, but the impact on drug prices has not been felt by patients.

Stakeholders warn that the failure to fully operationalize the executive order has left Nigerians with little relief from the escalating costs of medication, putting further strain on households already struggling. National President of the Association of Community Pharmacists of Nigeria, Ambrose Ezeh, emphasized the urgency of implementing the executive order to address the dire situation faced by patients with chronic conditions.