ENUGU, Nigeria (VOICE OF NAIJA)- A prominent member of the All Progressives Congress (APC) in Osun State, Olatunbosun Oyintiloye, has called on President Bola Tinubu to address the urgent issue of skyrocketing prices for vital drugs in Nigeria.
Oyintiloye, speaking to reporters in Osogbo, highlights the challenges faced by many Nigerians who are unable to afford essential drugs due to the exorbitant prices.
He attributes the escalating costs to factors such as the withdrawal of GSK, a key player in the pharmaceutical industry, inflation, and the devaluation of the naira.
The former lawmaker emphasizes that critical medications like Amlodipine, Augmentin, Paracetamol, Exforge, Coartem, and others have become unaffordable for the average citizen.
Citing data from the National Bureau of Statistics, Oyintiloye notes a 68 per cent increase in the value of imported medicines to N81.8 billion between July and September 2023.
He underscores how this surge in drug prices adds significant financial strain to individuals and families already grappling with the challenges of the harsh economic climate.
Oyintiloye points out that the weakening local currency against foreign currencies contributes to higher procurement costs for essential medical supplies, thereby impacting overall medicine prices in the country.
“When the local currency weakens against foreign currencies, the expenses incurred in procuring these essential medical supplies rise, consequently driving up the overall prices of medicines in the country,” he said.