The National Assembly has directed the Nigeria Social Insurance Trust Fund (NSITF) to collaborate with pertinent agencies to guarantee that Employee Compensation Scheme (ECS) deductions from both treasury-funded and non-treasury funded agencies are promptly processed and submitted.
This directive emerged at a two-day retreat held by the NSITF in Lagos attended by the Senate and House of Representatives Committees on Labour and Employment.
The committees emphasised the need for enhanced legislative support to strengthen the agency.
The committees also recommended that the NSITF be removed from Schedule I of the Fiscal Responsibility Act 2007, asserting that it should not be classified as a revenue-generating agency.
In a statement by NSITF’s General Manager of Corporate Affairs, Nwachukwu Godson, the committees urged the NSITF to include all public sector employees in the ECS, highlighting its significant social benefits and its role in boosting economic productivity.
The statement noted that there was consensus on the need to reclassify NSITF as a non-revenue-generating entity. This change would exempt the NSITF from the mandatory 50 percent revenue deduction imposed by the Ministry of Finance, allowing it to fully utilise its funds for its intended purpose.
The retreat also highlighted the necessity for the NSITF to undertake a digital transformation of its operations. This includes implementing an electronic record system to enhance service delivery and transparency.
The committees encouraged the NSITF to launch extensive advocacy efforts to increase public awareness about the ECS and its benefits, including coverage for work-related injuries, sickness, death, or disability.
Managing Director, NSITF, Oluwaseun Faleye, presented the NSITF Strategic Priorities 2024-2027 plan during the retreat.
His strategic vision focuses on: strengthening governance and oversight, enhancing stakeholder engagement, ensuring transparency and accountability, improving service delivery through digital transformation, expanding coverage to both public and private sectors, including informal sectors, adapting benefits to meet beneficiaries’ changing needs, optimising investment strategies and managing risks.
The retreat concluded with a communiqué advocating a stronger collaboration between the NSITF and the National Assembly to ensure effective implementation of the agency’s mandate.
Senator Diket Plang, Chairman of the Senate Committee on Labour and Employment, expressed optimism about the retreat’s outcomes and the new leadership of NSITF, stating confidence in the agency’s future progress.
The House of Representatives Committee Chairman, Adegboyega Adefarati, echoed similar sentiments, praising the retreat’s success and the capabilities of the new Managing Director. He emphasised the importance of supporting NSITF to achieve its goals.
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