By Ikugbadi Oluwasegun
The Senate Committee on Finance has expressed concerns over the rising cost of medicines in Nigeria, urging the National Agency for Food and Drug Administration and Control (NAFDAC) to recommend practical measures that will make drugs more affordable for Nigerians.
Senator Sani Musa, Chairman of the Committee, Niger East, at an investigative hearing on the remittance of Internally Generated Revenue, IGR, and operating surplus into the Consolidated Revenue Fund, CRF, covering the 2023 to 2025 fiscal years, said the high cost of pharmaceuticals has become a major concern, stressing that the government may need to review fiscal policies affecting local drug manufacturers.
The committee also noted that the reconciliation meeting became necessary following discrepancies between figures submitted by NAFDAC and the Fiscal Responsibility Commission, FRC, regarding 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 consistent growth in internally generated revenue.
Director-General of NAFDAC, Prof. Mojisola Adeyeye, told the committee that the agency had remitted about ₦3.9 billion as operating surplus between 2007 and 2023 before financial constraints affected its operations.
