Nigeria Social Insurance Trust Fund records N257.6bn contribution in 12 years
The Nigeria Social Insurance Trust Fund (NSITF) announced over the weekend its financial report, revealing total contributions of N257.6 billion from various organizations between July 2011 to June 2023.
During this period, the Fund registered 142,510 employers.
NSITF’s Managing Director, Maureen Allagoa, addressed concerns about managing statutory responsibilities amidst economic challenges caused by the 2020 Covid lockdown.
She acknowledged the revenue difficulties faced by the Fund due to the economic downturn that affected businesses, making it challenging for employers to keep up with their contribution payments.
However, Allagoa pointed out that despite these challenges, the private sector organisations remained committed, accounting for over 90 per cent of registered employers.
She emphasised that the NSITF continued to diligently process and pay all verified claims promptly.
She said, “From inception, July 2011 to June 2023, the total contributions collected for the period is N257,605,383,185.07. Number of employers registered is 142, 510.”
“For the year 2023 (January to June) the contribution collected is N17,972,408,907.33 while the total number of employers registered for the same period is 7,146.
“On claims and compensation, the Fund has paid benefits to all deserving employees promptly as at when due. We have made 99,678 claims and compensation in payment from inception July 2011 to June 2023.”
In addition to financial support, the NSITF provided rehabilitative compensation in the form of artificial body parts to more than 100 disabled workers who had lost body parts during their work.
This initiative aimed to enable these workers to reintegrate into society gradually.
While the NSITF noted some of its achievements, they acknowledged that the primary challenge faced in implementing the scheme was obtaining the support of states, local governments, and some federal government agencies.
To increase the funds available for the scheme, the Fund sought to gain compliance with the ECA.
She noted, “Their compliance with the ECA will definitely increase funds for the scheme.
“The recent approval by the Federal Executive Council for direct deduction of one per cent of MDAs’ emolument funds by the Ministry of Finance for the scheme is expected to boost our collections. Once implemented, the contribution will definitely strengthen our fund base.”
She also commented on the role of the Permanent Secretary, Ministry of Labour in the successful resolution of the conflict between the agency and workers over issues bothering on welfare.
According to her, “We went for a conciliatory meeting and our Permanent Secretary called us for this meeting by and large we resolved all the issues. She even mandated us to go further and talk with our unions, NUBIFE and ASIBIFI on two particular issues which we did.
“However, regarding the issue of the coalescing, it was resolved that we take it to the Office of the Head of Civil Service since it is an establishment issue.
“So, there is peace and calm in NSITF, we have come to a meeting of the minds and we are waiting for the outcome of this issue on the coalescing of Grade Levels.”
Going forward, the Fund promised to address concerns related to unremitted pensions, ensuring that plans were in place to rectify observed shortfalls.
Additionally, to prevent stagnation due to promotion delays, NSITF pledged to conclude the promotion exercise within the applicable year.
