VenturesNow

Nigeria’s medical body urges tax, duty waivers for healthcare consumables

Published

1 month ago

August 12, 2024

Amid the continued unprecedented rise in consumer inflation in Nigeria, the country’s medical body in Ekiti State, in the Southwest part of the country has urged President Bola Tinubu to implement import duty and value-added tax (VAT) waivers on drugs and other medical consumables to make healthcare more accessible and affordable for Nigerians.

The chapter of the Nigerian Medical Association (NMA) in a statement at its 27th annual general meeting called on the president to also implement the newly increased capitation rates of the National Health Insurance Authority, NHIA, and to strengthen the scheme to ensure broader coverage for Nigerians in the pursuit of Universal Health

Coverage.

While speaking with journalists in Ado-Ekiti over the weekend, its recently elected state chairman, Dr. Oreyemi Ifedayo, indicated that such a policy will not only assist reduce the frequency of untimely deaths among Nigerians, but also provide a more conducive climate for the country’s health practitioners.

Ifedayo said: “The AGM urges the President to ensure the implementation of import duty and VAT waivers on drugs and medical consumables to make healthcare affordable for Nigerians.

“This will undoubtedly help in preventing sudden deaths among Nigerians. Efforts must also be made not only to strengthen the NHIA to cover the majority of Nigerians in the pursuit of Universal Health Coverage but also to ensure the implementation of the newly increased NHIA rates.”

A World Bank report, “Healthcare Costs in Nigeria: Trends and Impact”, reveals a startling fact-the cost of essential drugs in Nigeria has skyrocketed by nearly 50% from 2020 to 2023.

Antimalarial medications, which are critical in Nigeria, have seen price hikes of 50% or more over the last several years. Common antibiotics, such as Amoxicillin, have seen price hikes of up to 60% over the last three years.

While prescriptions for chronic diseases, such as hypertension pharmaceuticals, have risen by an average of 70% between 2020 and 2023; insulin and other diabetic prescriptions have had price increases ranging from 30% to 80% since 2020.

VenturesNow

Ezz al-Arab appointed as Egypt’s CIB chairman

Published

2 hours ago

September 16, 2024

Ifeoluwa Dada

Commercial International Bank (CIB), Egypt’s largest private bank, announced on Monday that long-time chairman and previous CEO Hisham Ezz al-Arab will become CEO.

Neveen Sabbour, a board member, will take over as chairman, according to a statement. Hussein Abaza, the outgoing CEO, will be replaced by Ezz al-Arab, who will hold the role for three years.

In Egypt, the market share held by traditional banks is expected to reach US$35.84 billion. As more clients choose online and mobile banking options, Egypt’s banking industry is seeing an increase in digital banking services.

The new appointments are part of “to lead the bank’s multifaceted business transformation and continue its programme to support recognised potential future leaders,” the announcement stated.

Ezz al-Arab, chairman and managing director since 2002, resigned in October 2020 due to “compliance concerns” from the national bank.

In August 2022, a year before his tenure expired, central bank governor Tarek Amer resigned due to a currency crisis. Ezz al-Arab was requested to rejoin as chairman in December.

VenturesNow

Nigerian inflation falls again, drops to 32.15% in August

Published

3 hours ago

September 16, 2024

Ifeoluwa Dada

Nigeria’s August inflation rate declined for a second month to 32.15% from 33.40% in July, the statistics office reported on Monday. This comes after the month of July saw the first decrease in consumer inflation in Africa’s largest country in almost a year.

Analysts predict August’s slowdown may be short-lived after two gas price increases this month enraged citizens facing the worst cost-of-living crisis in a generation.

The removal of a decades-old gasoline subsidy, devaluation of the naira currency, and increase in energy costs by President Bola Tinubu have raised prices.

Reforms attempt to boost economic growth and public finances.

The central bank’s next interest rate decision next week may be influenced by inflation figures. The apex bank has hiked rates four times this year to curb inflation, and economists say July’s hike may be the last.

Further petrol price increases and northern flooding that swept away crops could raise food prices.

“On the whole, disinflation should continue with the headline rate falling below 30% by year-end, but upside risks remain,” Capital Economics Africa analyst David Omojomolo wrote.

He claimed rising petrol prices might “slow the pace of the disinflation process” and that the central bank would not drop rates until early next year.

Food inflation dropped from 39.53% to 37.52% in August. It remained the greatest inflation driver in August.