Business
THE two-day retreat organized by the Nigeria Social Insurance Trust Fund (NSITF) to acquaint the Senate and House of Representatives Committees on Labour and Employment with the workings of the NSITF ended Friday in Lagos with a resolution for a stronger legislative collaboration to reposition the agency.
In a statement in Abuja, the NSITF General Manager, Corporate Affairs, Nwachukwu Godson, said the new Managing Director of the agency, Oluwaseun Faleye had earlier delivered well-articulated roadmap termed “NSITF Strategic Priorities 2024 -2027” to the members of the National Assembly Committee. In seeking their buy-in to his vision, the Managing Director outlined the strategic objectives of the Fund under 5 key pillars to be as follows:
a. Strengthening governance and oversight; managing stakeholders’ engagement; ensuring transparency and accountability in respect of the Fund’s activities as well as developing extensive monitoring and evaluation framework throughout the Fund;
b. transforming NSITF and improving service delivery nationwide with competent and equipped frontline workers;
c. increased coverage of public and private sector beneficiaries particularly focusing on the informal sectors to meet their evolving needs;
d. continuously adapting benefits and services of the Fund to meet the changing needs of beneficiaries, while ensuring that the Fund remains relevant and effective; and
e. optimizing and refining investment strategies, managing risks and growing the Fund’s assets in line with its liabilities.
In their robust contributions, the members of the Committees of both the Senate and the House of Representatives urged the management of the Fund to work hard to bring all public sector employees under the Employee Compensation Scheme given its social benefits and its impact on economic productivity. Members advised the management of the Fund to engage with relevant agencies to ensure that ESC deductions for Treasury Funded agencies and non-treasury funded agencies are deducted and remitted to NSITF as at when due.
Another key issue brought up is the matter of classifying NSITF as a revenue generating agency. The management and members of the Committees agreed that being a Trust Fund, NSITF is not a revenue generating agency, and should therefore be removed from the Schedule I of the Fiscal Responsibility Act 2007. It was noted that if achieved, this will exempt the NSITF from the mandatory 50% revenue deduction by the Ministry of Finance, thereby allowing the full utilization of its funds for its intended beneficiaries.
With respect to its service delivery, it was resolved that it is critical for NSITF to undertake a digital transformation of its core functions, departments and programs as well as implement an electronic record system to improve service delivery and show transparency.
In alignment with the Management’s plans, the Committee urged the Fund to embark on extensive advocacy to enable Nigerians better understand the criticality of the mandate of NSITF and the benefits that could accrue to employees if their employers subscribe to the Scheme should there be any injury, sickness, death or disability arising from work related activities.
The retreat which was well attended by all members of the Senate and House Committees on Labour and Employment concluded with a communique which resolved amongst other resolutions, to forge a stronger collaboration between the NSITF and the National Assembly that would foster an NSITF that can implement its mandate of providing a social safety net for Nigerian workers in both the public and private sectors.
Reacting to the success of the retreat, the Senate Committee Chairman on Labour and Employment, Senator Diket Plang said “I am highly delighted because the robust engagement we have had at this retreat. The new vision for NSITF presented by the Managing Director further gives me confidence that the President has made a great choice in appointing the new leadership for the Fund. I have no doubt that NSIFT is in good hands and will grow in leaps and bounds, satisfying the yearning of Nigerians. On our part, we shall do everything within our legislative sphere of influence to aid their success.”
His counterpart in the House of Representatives, Hon. Adegboyaga Adefarati, enthused, “this is one of the best retreats I have ever attended. If you look around, all of us from the House Committee on Labour are here. Despite the fact that House is on recess, we have however taken our time to attend this very important retreat. From the presentations, no one is in doubt that the Managing Director has the capacity, character, and competence to build a stronger NSITF. What is left is to give him every support to succeed”.
The Senator representing Anambra Central, Victor Umeh capped the remarks when he said, “from what you have presented to us this morning – all within one month of your resumption, it is obvious to all that you have a firm grip of your responsibilities in the NSITF.”
18th August, 2024.
C.E.
Tags: Nigeria Social Insurance Trust Fund NSITF
