VenturesNow

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

Published

5 months 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

IMF, Egypt reach agreement for fourth review of Egypt’s $1.2 billion loan request

Published

9 hours ago

December 26, 2024

Ifeoluwa Dada

Egypt and the International Monetary Fund (IMF) have reached a staff-level agreement over the fourth review of the Extended Fund Facility arrangement, which might lead to a $1.2 billion payout under the program.

In March, Egypt, struggling with rising inflation and cash shortages, consented to the $8 billion, 46-month facility. Its economic problems were made worse by a precipitous drop in Suez Canal revenue over the last year due to regional tensions.

Over the next two years, Egypt’s government has committed to raising its tax-to-revenue ratio by 2% of GDP, according to the IMF, emphasising removing exemptions rather than raising taxes.

According to a statement from the IMF, this would allow it to expand social expenditure to support vulnerable populations.

“While the authorities’ plans to streamline and simplify the tax system are commendable, further reforms will be needed to enhance domestic revenue mobilization efforts,” the statement said.

According to the IMF statement, Egypt had also committed to maintaining its commitment to a flexible currency rate and to taking more urgent action to guarantee that the private sector became the primary driver of development.

The IMF’s executive board still has to accept the fourth review’s staff-level agreement.

VenturesNow

Libya’s eastern govt accepts petrol subsidy elimination

Published

9 hours ago

December 26, 2024

Ifeoluwa Dada

In a recent statement, the eastern government of Libya claimed it had reached a consensus on a plan to eliminate gasoline subsidies and would draft a mechanism to carry out the accord.

Additional information on the idea was not released by the administration led by Osama Hamad, a challenger to the internationally acknowledged Tripoli-based government.

However, it is uncertain if Hamad’s government would be able to carry out the plan in the divided nation.

According to the Global Petrol Prices online tracker, a litre of gasoline costs just 0.150 Libyan dinars ($0.03) in OPEC member Libya, making it the second-cheapest in the world.

Following an uprising against former ruler Muammar Gaddafi in 2011, smuggling networks have thrived in the ensuing political unrest and armed fighting. In 2014, conflicting eastern and western governments separated the nation.

A World Bank analysis estimates that the annual value of fuel smuggling from Libya is at least $5 billion.

In a meeting with Mari Barrasi, the deputy governor of the Central Bank of Libya (CBL), located in Tripoli, and four members of the bank’s board of directors, Hamad in Benghazi supported the idea of removing subsidies.

The CBL’s Benghazi branch offices served as the venue for the conference.

The eastern parliament appointed Hamad in 2023 to succeed Abdulhamid Dbeibah, who had been put in position in 2021 under a U.N.-backed procedure that the parliament said had lost its legitimacy.

Dbeibah, who is located in Tripoli, stated in January that he will conduct a public poll on the topic of eliminating gasoline subsidies, but he hasn’t done anything about it since.

According to CBL figures, gasoline subsidies cost 12.8 billion Libyan dinars between January and November of this year. 4.8 Libyan dinars to $1 is the official exchange rate.