The Senate Committee on Finance has raised concerns over the increasing cost of medicines in Nigeria, urging the National Agency for Food and Drug Administration and Control (NAFDAC) to propose practical measures to make essential drugs more affordable. The committee made the call during an investigative hearing on the remittance of internally generated revenue and […]
Share This Article:
The Senate Committee on Finance has raised concerns over the increasing cost of medicines in Nigeria, urging the National Agency for Food and Drug Administration and Control (NAFDAC) to propose practical measures to make essential drugs more affordable.
The committee made the call during an investigative hearing on the remittance of internally generated revenue and operating surplus into the Consolidated Revenue Fund for the 2023 to 2025 fiscal years.
Chairman of the committee, Senator Sani Musa, said the high cost of pharmaceuticals has become a major concern, adding that the Federal Government may need to review fiscal policies affecting local drug manufacturers to reduce the burden on consumers.
The committee also said the reconciliation meeting was necessary following discrepancies between financial figures submitted by NAFDAC and the Fiscal Responsibility Commission on operating surplus deductions.
Presenting the agency’s financial records, NAFDAC disclosed that it generated ₦18.73 billion in 2023, ₦29.85 billion in 2024 and ₦39.6 billion in 2025, reflecting steady growth in internally generated revenue.
Director General of NAFDAC, Professor Mojisola Adeyeye, told the committee that the agency remitted about ₦3.9 billion as operating surplus between 2007 and 2023 before financial constraints began to affect its operations.
ADBN TV is a dynamic digital broadcasting platform committed to delivering credible news, inspiring stories, and engaging programmes that inform, educate, and connect communities across Nigeria and beyond.
