Business, Featured
By Anthony Isibor
OLUWASEUN Mayomi Faleye, Managing Director, Nigeria Social Insurance Trust Fund, NSITF, says that the Fund processed and paid 103,292 claims,, including 111 persons who received artificial limbs (prosthetics) as at 2023.
Speaking at a retreat organized for the Senate and House of Representative Committee on Labour, Employment and Productivity in Lagos on Thursday, Faleye
disclosed that with over 5,109 staff strength across 70 offices nationwide, 12 Regional offices, 57 branches and Headquarters in Abuja, the Fund had been able to register over 164,000 employers and 8.4 million employees into the scheme.
He urged the members of the committees to assist the Fund achieve its optimal objectives through legislations.
Faleye noted that the NSITF, which is not a revenue generation agency of the government, but a trustee of the government to provide social security services to all eligible citizens through 1% contribution by every employer of labour both public and private of the total emoluments of its staff to NSITF, which allows it to pay claims and compensations to eligible employees or their beneficiaries in the occurrence of workplace accidents and work related injuries, diseases and death.
The Fund, according to him, has set out series of advocacy programmes designed to highlight the comprehensive benefits of the ECS.
“These programmrs will demonstrate the 360-degree advantages for both employees and employers, fostering a deeper understanding and appreciation of the scheme’s value,” he said.
“Through these efforts, we aim to not only increase compliance, but also to build a culture of proactive participation in social security. Your support in amplifying these messages within your spheres of influence will be invaluable.
“In recent times, the NSITF has faced its share of scrutiny and criticism. As someone who has been on both sides of regulatory compliance, I understand the frustrations that can arise from inefficiencies or lack of transparency.
“However, I also know the transformative power of well-implemented social protection policies. From today, we have the opportunity to turn this narrative around. This retreat is not just about addressing past shortcomings, but about envisioning a future where the NSITF stands as a model of excellence, transparency, and resilience.
“We have also conducted such OSH activities for over 25,000 of our registered employers’ entity. It is also involved in the ongoing process of amendment of the National Safety and Health Council Bill at the National Assembly. You will hear the testimonies of some of the beneficiaries in the documentary that you will be shown shortly.
“We have recently taken significant steps to enhance compliance and broaden our impact. In a key development, we’ve engaged with the office of the Secretary to the Government of the Federation to issue a circular to all Ministries, Departments, and Agencies (MDAs). This circular directs immediate compliance with the Federal Executive Council’s approval for 1% Employees’ Compensation Scheme deductions from MDA budgets.
“This initiative is crucial, but its success depends heavily on your support. We will need your assistance to ensure adherence by the MDAs during their budget defence processes. Your advocacy in this area will be instrumental in making the fund more robust and effective,” he said.
According to him, the vision for the Fund is to ensure long-term financial sustainability and effectiveness of the Fund by enhancing risk management practices and improving service delivery to meet the evolving needs of the beneficiaries while maintaining transparency and accountability.
The Fund does not only pay out compensations, but is also involved in promoting safety at the workplace to reduce work place accidents through the conduct of Occupational Safety and Health (OSH) activities, Faleye said.
He also called on the lawmakers for support through their expertise, insights, and commitment in redefining and rejuvenating the NSITF.
“This retreat is our opportunity to not only respond to criticism, but to set a new standard for how we manage and support our social insurance system.
“Let us engage in this process with a spirit of collaboration and determination. The work we undertake here will have far-reaching implications, shaping the future of social insurance in our country and reaffirming our commitment to safeguarding the rights and well-being of our workforce.
“Let us seize this moment to chart a new course for the NSITF, one that sets a benchmark for excellence in social insurance administration. I look forward to the progress and success we will achieve together,” he added.
The committee members who expressed satisfaction at the pace of growth already recorded by the scheme, urged the management to continue to employ efficiency and excellence as well as expand the fund to cover the welfare of the members of the National Youth Service Scheme, NYSC into the scheme.
A.I
Aug. 15, 2024
Tags: Nigeria Social Insurance Trust Fund NSITF OLUWASEUN Mayomi Faleye
