Nigeria Social Insurance Trust Fund Receives N257.6 Billion

Nigeria Social Insurance Trust Fund Receives N257.6 Billion in Contributions, Resolves Worker’s Welfare Disputes


Impressive Contributions

The Nigeria Social Insurance Trust Fund (NSITF) reported receiving a substantial total contribution of N257.6 billion from organizations spanning the period of July 2011 to June 2023. This significant financial boost was crucial in supporting the Fund’s statutory responsibilities during challenging economic times, including the impact of the 2020 Covid lockdown.

Employer Registration and Claims

The Managing Director of NSITF, Maureen Allagoa, disclosed that 142,510 employers were registered with the Fund. Despite economic downturn challenges, private sector organizations accounted for over 90% of these registered employers. The NSITF ensured the prompt payment of all processed and verified claims to deserving employees, with a total of 99,678 claims and compensations made from July 2011 to June 2023.

Resolution of Worker’s Welfare Disputes

The NSITF successfully resolved its face-off with workers over welfare matters, thanks to the quick intervention of the Permanent Secretary, Ministry of Labour and Employment, Kachollom Daju. Amicable agreements were reached, fostering a harmonious working environment. Additionally, the Fund is making efforts to address the issue of unremitted pensions and implementing measures to eliminate stagnation caused by promotion delays.

In an interview with journalists in Abuja, Maureen Allagoa, the Managing Director of NSITF, shed light on the challenges faced by the Fund in light of the economic downturn. She highlighted the importance of the buy-in from states and local governments, as well as some federal government agencies, to boost the Fund’s resources. The recent approval by the Federal Executive Council for direct deduction of one per cent of MDAs’ emolument funds by the Ministry of Finance is expected to strengthen the Fund’s financial base once implemented.

The NSITF’s commitment to promptly processing claims and compensations is evident, with the Fund having paid out benefits to deserving employees under various contingencies such as medical expenses refund, loss of productivity, death benefits, disability benefits, retirement benefits, and further medical treatment.

Regarding worker welfare disputes, Allagoa emphasized the positive outcome achieved through conciliatory meetings, where the Permanent Secretary played a crucial role in ensuring a harmonious resolution. Plans are underway to address unremitted pensions and promote better practices to eliminate stagnation arising from promotion delays.

Despite the challenges posed by economic uncertainties, the Nigeria Social Insurance Trust Fund continues to fulfill its responsibilities, providing support to both employers and employees alike.

And get notified every time we publish
Leave a Reply

Your email address will not be published. Required fields are marked *

You May Also Like