NSITF Retreat Ends with Calls for Stronger Legislative Collaboration to Reposition Agency

LAGOS/Nigeria: The two-day retreat organized by the Nigeria Social Insurance Trust Fund (NSITF) to familiarize Senate and House of Representatives Committees on Labour and Employment with the agency’s operations concluded on Friday in Lagos. The event ended with a resolution to foster stronger legislative collaboration aimed at repositioning the NSITF for greater impact.

In a statement from Abuja, NSITF’s General Manager of Corporate Affairs, Nwachukwu Godson, highlighted the retreat’s success, noting that the agency’s new Managing Director, Oluwaseun Faleye, presented a comprehensive roadmap titled “NSITF Strategic Priorities 2024-2027” to members of the National Assembly committees. Faleye’s presentation laid out the strategic objectives of the Fund across five key pillars:

  Strengthening Governance and Oversight: Emphasizing the importance of managing stakeholder engagement, ensuring transparency and accountability, and developing a robust monitoring and evaluation framework across the Fund’s activities.

Transforming Service Delivery: Aiming to enhance NSITF’s nationwide service delivery by equipping frontline workers with the necessary skills and resources.

Expanding Coverage: Focusing on increasing the Fund’s reach, particularly within the informal sector, to address the evolving needs of public and private sector beneficiaries.

Adapting Benefits and Services: Continuously refining the Fund’s offerings to remain relevant and effective in meeting the changing needs of its beneficiaries.

Optimizing Investment Strategies: Managing risks and growing the Fund’s assets in alignment with its liabilities, ensuring sustainable financial health.

Members of both the Senate and House Committees on Labour and Employment contributed robustly to the discussions, urging the NSITF management to prioritize the inclusion of all public sector employees under the Employee Compensation Scheme (ECS) due to its significant social benefits and impact on economic productivity. They advised the Fund’s management to engage with relevant agencies to ensure timely deductions and remittances for both treasury-funded and non-treasury-funded agencies.

Another critical issue raised during the retreat was the classification of NSITF as a revenue-generating agency. Both the management and the committees agreed that as a Trust Fund, the NSITF should not be categorized as a revenue-generating entity and should be removed from Schedule I of the Fiscal Responsibility Act 2007. Achieving this reclassification would exempt the NSITF from the mandatory 50% revenue deduction by the Ministry of Finance, thereby allowing the Fund to fully utilize its resources for its intended beneficiaries.

The retreat also emphasized the need for NSITF to undertake a digital transformation of its core functions, departments, and programs, including the implementation of an electronic records system to improve service delivery and enhance transparency.

In alignment with these plans, the committees urged the NSITF to embark on extensive advocacy efforts to raise public awareness about the Fund’s mandate and the benefits available to employees under the ECS, particularly in cases of work-related injuries, illnesses, deaths, or disabilities.

The retreat, which saw full attendance from all members of the Senate and House Committees on Labour and Employment, concluded with a communique resolving to strengthen collaboration between the NSITF and the National Assembly. This partnership aims to empower the NSITF to effectively implement its mandate of providing a social safety net for Nigerian workers in both the public and private sectors.

Reflecting on the retreat’s success, Senator Diket Plang, Chairman of the Senate Committee on Labour and Employment, expressed his satisfaction: “The robust engagement we’ve had at this retreat, along with the new vision for NSITF presented by the Managing Director, gives me confidence that the President made an excellent choice in appointing the new leadership. I have no doubt that NSITF is in good hands and will grow in leaps and bounds, satisfying the needs of Nigerians. We will do everything within our legislative power to support their success.”

Hon. Adegboyega Adefarati, his counterpart in the House of Representatives, echoed these sentiments, saying, “This is one of the best retreats I’ve attended. Despite being on recess, all members of the House Committee on Labour took the time to attend this important retreat. From the presentations, it’s clear that the Managing Director has the capacity, character, and competence to build a stronger NSITF. What remains is to give him the support he needs to succeed.”

Senator Victor Umeh, representing Anambra Central, concluded the remarks, stating, “From what you have presented to us this morning—within just one month of your resumption—it’s clear that you have a firm grip on your responsibilities at the NSITF.”