We didn’t reject Ministry of Finance 40% employers’ deduction contributions — NSITF

Over 20,000 Nigerians received ECS benefit in one year —NSITF

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THE Nigeria Social Insurance Trust Fund (NSITF) has said about 20,531 Nigerians have benefited from its Employees Compensation Scheme (ECS) in the last one year.

This is contained in a statement issued by NSITF’s spokesperson, Nwachukwu Godson, at the end of second edition of the fund’s monthly online Management Performance Review (MPR), held in Abuja.

Godson further said that in addition to its proactive approach to social security, NSITF has prioritised occupational safety and health, conducting over 5,592 exercises to prevent workplace accidents.

He said the fund, under the leadership of President Bola Tinubu’s administration, has embraced its role as a leading social security institution, leveraging over six decades of experience to positively impact the lives of thousands.

According to the spokesperson, the impact of NSITF’s efforts reverberates across diverse sectors, with beneficiaries ranging from construction companies to banking institutions.

He added that through disability benefits to medical expense refunds, NSITF has ensured that those in need receive assistance, fostering a culture of inclusivity and support.

He said NSITF’s outreach extends beyond traditional boundaries, with a focus on the informal sector, which encompasses over 80 percent of Nigerians.

“Being a leading social security institution with over six decades in the sector confers on us a huge role in the actualisation of the agendum number six of the eight-point agenda of the president on the enhancement of human capital through social investments.

“While the NSITF reached out to 103,000 injured workers with different categories of social security benefits in 12 years (2011-2023), the current management of the fund widened the outreach with an extensive inroad, dispensing benefits to an unprecedented 20,531 persons under different baskets of claims and compensations in one year (March 2023 – May 2024)

“To rejuvenate the workforce, we reviewed the staff conditions of service, which has been in use for nearly 30 years and introduced a new integrated salary structure, approved by the National Salaries, Incomes and Wages Commission, promptly paying the N35,000 minimum wage award.

“We moved a step further to reform the health management plan to ensure increased and quality medical care for staff and cleared the backlog of gratuity,” he said.

The statement further added that the management implemented a corruption-free computer-based promotion examination and promoted a total of 1,671 staff in 2023 while also transiting the staff performance evaluation from APER to a more pragmatic performance management system.

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