NOSA EGHAGHA
LAGOS, Nigeria – The Nigeria Social Insurance Trust Fund (NSITF) has secured the National Assembly’s support to reposition the fund for better service delivery.
This was parts of the resolutions reached at the just concluded a two-day retreat held in Lagos.
The retreat organized by NSITF was aimed at fostering a stronger collaboration with the Senate and House of Representatives Committees on Labour and Employment.
According to a statement by the NSITF General Manager, Corporate Affairs, Nwachukwu Godson, the retreat provided a platform for the NSITF’s new Managing Director, Oluwaseun Faleye, to present his vision for the agency.
He outlined a comprehensive roadmap titled “NSITF Strategic Priorities 2024-2027” aimed at securing the commitment of the National Assembly towards achieving the agency’s goals.
Faleye’s roadmap is anchored on five key pillars: strengthening governance and oversight, improving stakeholder engagement, ensuring transparency, enhancing service delivery, and refining investment strategies. These pillars are designed to ensure the NSITF remains relevant and effective in meeting the evolving needs of Nigerian workers.
A major focus of the discussions was the need for the NSITF to increase its coverage, particularly within the informal sector. Faleye emphasized that expanding the scope of beneficiaries in both public and private sectors is crucial for the agency to fulfill its mandate effectively.
The Committees urged the NSITF management to work diligently towards bringing all public sector employees under the Employee Compensation Scheme (ECS). The members highlighted the social and economic benefits of the scheme, noting that its comprehensive implementation would significantly boost national productivity.
Additionally, the Committees addressed the issue of classifying NSITF as a revenue-generating agency. It was agreed that the NSITF, being a trust fund, should not be categorized as such. The retreat resolved that the NSITF should be removed from Schedule I of the Fiscal Responsibility Act 2007, which would exempt it from the mandatory 50% revenue deduction by the Ministry of Finance. This move is expected to allow the agency to utilize its funds fully for the benefit of its intended beneficiaries.
The retreat also underscored the importance of digital transformation for the NSITF. It was resolved that the agency should prioritize the digitization of its core functions and implement an electronic record system to improve service delivery and transparency.
Another critical resolution was the need for extensive advocacy by the NSITF to raise awareness about its mandate. The Committees stressed that educating the public on the benefits of the Employee Compensation Scheme is vital, particularly for employers and employees in work-related injury, sickness, death, or disability cases.
The retreat ended with a communiqué highlighting the agreement to forge a stronger collaboration between the NSITF and the National Assembly. This partnership is expected to create an enabling environment for the NSITF to fulfill its mandate of providing a robust social safety net for Nigerian workers.
Senator Diket Plang, Chairman of the Senate Committee on Labour and Employment, expressed his satisfaction with the outcomes of the retreat. He praised the new vision presented by Faleye and expressed confidence in the leadership of the NSITF to deliver on its promises.
“I am highly delighted because the robust engagement we have had at this retreat. The new vision for NSITF presented by the Managing Director further gives me confidence that the President has made a great choice in appointing the new leadership for the Fund. I have no doubt that NSIFT is in good hands and will grow in leaps and bounds, satisfying the yearning of Nigerians. On our part, we shall do everything within our legislative sphere of influence to aid their success.” Plang said
His counterpart in the House of Representatives, Hon. Adegboyega Adefarati, echoed similar sentiments, noting the retreat as one of the best he has attended.
“This is one of the best retreats I have ever attended. If you look around, all of us from the House Committee on Labour are here. Despite the fact that House is on recess, we have, however, taken our time to attend this very important retreat. From the presentations, no one is in doubt that the Managing Director has the capacity, character, and competence to build a stronger NSITF. What is left is to give him every support to succeed”. Adefarati said
He emphasized the importance of supporting the NSITF leadership to ensure the success of its initiatives.
The Senator representing Anambra Central, Victor Umeh, also commended the Managing Director for his swift and effective action within a month of assuming office.
He remarked that Faleye’s presentation demonstrated a clear understanding of his responsibilities and the path forward for the NSITF.
