Olatunbosun Oyintiloye, a prominent member of the All Progressive Congress (APC) in Osun State, has urgently appealed to President Bola Tinubu to address the alarming surge in prices of essential drugs across Nigeria. In a statement released to the press in Osogbo, Oyintiloye highlighted that many Nigerians cannot afford crucial medications due to their staggering costs. He pointed to several factors contributing to the sharp rise in drug prices, notably, the withdrawal of GSK, a key player in the pharmaceutical industry, along with the persistently high inflation rates and the devaluation of the naira.
According to Oyintiloye, these cumulative factors have rendered medications such as Amlodipine, Augmentin, Paracetamol, Exforge, Coartem, and other indispensable drugs financially inaccessible to the average citizen. He quoted statistics from the National Bureau of Statistics (NBS), indicating a significant uptick of 68% in the value of imported medicines into Nigeria, amounting to a staggering N81.8 billion between July and September 2023.
The former lawmaker underscored the tremendous strain the escalating drug prices have placed on individuals and families already grappling with the country’s challenging economic landscape. Oyintiloye drew attention to the evident link between the weakening of the local currency against foreign denominations and the subsequent surge in expenses incurred to procure essential medical supplies. He noted that 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.