The Nigeria Social Insurance Trust Fund (NSITF) has reached a significant milestone by processing and paying claims to 103,292 beneficiaries as of July 2023, including prosthetics for 111 individuals. This update was shared by the Fund’s Managing Director and CEO, Mr. Oluwaseun Faleye, during a two-day retreat in Lagos for the Senate and House Committees on Labour, Employment, and Productivity.
The retreat, themed “Building a Stronger NSITF,” was designed to enhance stakeholder engagement, strategic planning, and collaborative problem-solving. Faleye emphasized the NSITF’s commitment to reducing workplace accidents, enforcing legal standards, and promoting workplace safety through Occupational Safety and Health (OSH) initiatives, which have benefited over 25,000 registered employers.
Faleye outlined his vision for the NSITF, highlighting a new target of registering one million employees annually into the Employers’ Compensation Scheme (ECS). He stressed that the NSITF, a trustee under the Employees’ Compensation Act of 2010, aligns its mission with international standards from the International Labour Organisation (ILO) and the International Social Security Administration (ISSA). Despite its non-revenue-generating status, the NSITF is tasked with managing funds for worker protection.
The retreat also addressed the NSITF’s financial sustainability and its role in enhancing service delivery. Faleye revealed plans to extend social insurance cover to National Youth Service Corps (NYSC) members and called for a review of the NSITF’s revenue-sharing with the federal government, noting that up to 50% of its revenue is currently deducted.
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Senator Diket Satso Plang and Hon. Adegboyega Adefarati praised Faleye’s leadership and urged the acceleration of digitalization within the NSITF. They also emphasized the need for legislative support to address the financial and operational challenges facing the Fund.
As the NSITF continues to evolve, the backing of the National Assembly and the retreat’s outcomes provide a hopeful outlook for strengthening Nigeria’s social insurance system.
**Summary:**
The NSITF has processed 103,292 claims and set a target to register one million employees annually. The retreat highlighted the need for better financial management and digitalization of operations.
