- The Nigerian Social Insurance Trust Fund has compensated over 103,000 workers in 13 years, including 111 who received prosthetic limbs
- NSITF aims to enroll one million employers in its scheme, emphasizing compliance and collaboration with the National Assembly for better impact
The Nigerian Social Insurance Trust Fund (NSITF) has announced that it has compensated more than 103,000 workers over the past 13 years, including 111 individuals who received prosthetic limbs.
The Managing Director/Chief Executive Officer of NSITF, Mr. Oluwaseun Faleye, shared this information during the opening of a two-day retreat in Lagos. The agency organized the retreat, which was attended by the Senate and House of Representatives Committees on Labour, Employment, and Productivity. The event focused on “Building a Stronger NSITF.”
Faleye revealed that the NSITF aims to bring one million employers into the scheme to extend its benefits to more workers. He also mentioned that over 164,000 employers and 8.4 million employees have been registered under the agency, which has conducted 25,000 Occupational Safety and Health (OSH) activities.
Faleye expressed concerns over the 40% deduction from the agency’s funds, emphasizing that the NSITF is not a revenue-generating agency. He noted, “We are working towards ensuring that the resources allocated for internal staff welfare do not exceed 20-25% of the fund, with the remainder going towards compensation.”
The NSITF has taken significant steps to enhance compliance and broaden its impact. One of these steps includes engaging with the office of the Secretary to the Government of the Federation to issue a circular mandating all Ministries, Departments, and Agencies (MDAs) to comply with the Federal Executive Council’s approval for a 1% Employees’ Compensation Scheme deduction from their budgets. Faleye highlighted the need for support from the National Assembly to ensure adherence to this directive during budget defense processes.
Faleye also addressed the 40% deduction from the fund, stating that the agency is discussing with the federal government to seek an exemption from this deduction. He added that the NSITF is working to include the National Youth Service Corps (NYSC) in the compensation scheme.
Senator Diket Plang, Chairman of the Senate Committee on Employment, Labour, and Productivity, commended the retreat, calling it timely. He emphasized that the collaboration between the Executive, Legislators, and MDAs would lead to a more successful NSITF. “This retreat is very timely, and I believe NSITF will be better for it. When the legislators, the executives, and the MDAs understand what to do, it will lead to a more effective NSITF,” he said.