Buhari disburses N100bn to Nigerian-owned drug manufacturers

President Muhammadu Buhari has disclosed that his administration disbursed N100 billion to indigenous pharmaceutical manufacturers, with healthcare investors also benefiting from the fund.

Buhari had financed the operation of the Nigerian-owned healthcare companies through the Central Bank of Nigeria (CBN) to improve the production of medicines within the country.

The disbursement had began after the COVID-19 outbreak, and was provided to sustain the healthcare’s contribution to the Nigerian economy. The industry was considered as an essential sector during the lockdown.

He revealed the financial intervention on Tuesday during the visit of the new Executive members of the Nigerian Medical Association (NMA), to the Presidential Villa, Abuja.

The president further stated, “I commend our medical professionals for their contribution to Nigeria’s exemplary management of the COVID-19 pandemic, the control of malaria, HIV and Tuberculosis, and other feats also achieved by Nigerian doctors in the diaspora.

“Our response to COVID-19 pandemic has been praised internationally and your members are key parts of this success.

Read also: Manufacturers count losses as cost of production rises by 30% in one year

“I recall that in the last quarter of 2021, the immediate past NMA executives visited me and presented recommendations for the health sector, which included the review and amendment of NHIS Act; upgrading and equipping existing health institutions; loans to fund hospital equipment; the repeal and re-enactment of the Medical and Dental Practitioners’ Act; and appeal for more funding for the four newly established Universities of Medical Sciences.

“I am pleased to inform you that most of these recommendations have been addressed, whilst further action is being taken to study those involving cross-cutting administrative processes with legal implications.”

Join the conversation

Opinions

Support Ripples Nigeria, hold up solutions journalism

Balanced, fearless journalism driven by data comes at huge financial costs.

As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.

If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.

Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.

Donate Now