The National Assembly has called on the Nigeria Social Insurance Trust Fund (NSITF) to collaborate with relevant agencies to ensure timely deductions and remittances for the Employee Compensation Scheme (ECS) from both treasury-funded and non-treasury-funded agencies.
This call was made during a two-day retreat organized by the NSITF in Lagos, where the Senate and House of Representatives Committees on Labour and Employment gathered to discuss measures for strengthening the agency. A key resolution from the retreat was a commitment to enhanced legislative cooperation aimed at repositioning the NSITF for greater efficiency.
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During the retreat, both committees advocated for the removal of NSITF from Schedule I of the Fiscal Responsibility Act 2007, arguing that the fund is not a revenue-generating agency. This request was reinforced in a statement released by NSITF’s General Manager for Corporate Affairs, Nwachukwu Godson, who stated that exempting the fund from the Act would relieve it from the mandatory 50% revenue deduction imposed by the Ministry of Finance, allowing the NSITF to fully utilize its resources for its beneficiaries.
The committees also emphasized the need for the NSITF to bring all public sector employees under the ECS, citing the scheme’s social and economic benefits. In addition, they recommended a digital transformation of the agency’s core operations to enhance service delivery and transparency.
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The retreat also served as a platform for NSITF’s new Managing Director, Oluwaseun Faleye, to present his vision for the fund, captured in the “NSITF Strategic Priorities 2024-2027.” The plan focuses on five key pillars: strengthening governance and oversight, managing stakeholder engagement, ensuring transparency and accountability, expanding coverage to more beneficiaries—particularly in the informal sector—and optimizing investment strategies.
Senator Diket Plang, Chairman of the Senate Committee on Labour and Employment, expressed confidence in the new leadership’s ability to drive the fund forward. He assured that the National Assembly would support the agency in its mission to provide a social safety net for Nigerian workers in both public and private sectors.
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Adegboyega Adefarati, Chairman of the House of Representatives Committee on Labour and Employment, echoed this sentiment, praising the retreat’s outcome and voicing strong support for the NSITF’s leadership.
The retreat concluded with a communiqué resolving to forge stronger ties between the NSITF and the National Assembly, ensuring the agency remains effective in implementing its mandate.
Source: The Nations Newspaper
