By Ajibola Adedoye
The Nigeria Social Insurance Trust Fund (NSITF) has acquainted the Senate and House of Representatives Committees on Labour and Employment with the resolution for a stronger legislative collaboration to budge the agency.
This is coming at the end of a two- day retreat organized by NSITF which ended on Friday, August 16, 2024 in Lagos.
In a statement in Abuja, the NSITF General Manager, Corporate Affairs, Nwachukwu Godson said the new Managing Director of the agency, Oluwaseun Faleye had before delivered well- articulated roadmap nominated “NSITF Strategic Priorities 2024-2027” to the members of the National Assembly Committee.
Also Read
The statement reads “In seeking their buy- in to his vision, the Managing Director outlined the strategic objectives of the Fund under 5 key pillars to as follows
“Strengthening governance and oversight; managing stakeholders’ engagement; icing translucency and responsibility in respect of the Fund’s conditioning as well as developing expansive monitoring and evaluation frame throughout the Fund;
“Transforming NSITF and perfecting service delivery civil with competent and equipped frontline workers;
“Increased coverage of public and private sector beneficiaries particularly focusing on the informal sectors to meet their evolving requirements.
“Continuously conforming benefits and services of the Fund to meet the changing requirements of heirs, while icing that the Fund remains applicable and effective; and
“Optimizing and enriching investment strategies, managing pitfalls and growing the Fund’s means in line with its arrears”.
In their robust benefactions, the members of the panels of both the Senate and the House of Representatives prompted the operation of the Fund to work hard to bring all public sector workers under the Employee Compensation Scheme given its social benefits and its impact on profitable productivity.
Members advised the management of the Fund to engage with applicable agencies to insure that ESC deductions for Treasury Funded agencies andnon-treasury funded agencies are subtracted and remitted to NSITF as at when due.
Another crucial issue brought up is the matter of classifying NSITF as a profit generating agency.
“The operation and members of the panels agreed that being a Trust Fund, NSITF is n’t a profit generating agency, and should thus be removed from the Schedule I of the financial Responsibility Act 2007”.
It was noted that if achieved, this will exempt the NSITF from the obligatory 50 profit deduction by the Ministry of Finance, thereby allowing the full application of its finances for its intended beneficiaries.
With respect to its service delivery, it was resolved that it’s critical for NSITF to take over a digital metamorphosis of its core functions, departments and programs as well as apply an electronic record system to ameliorate service delivery and show translucency.
In alignment with the operation’s plans, the Committee prompted the Fund to embark on expansive advocacy to enable Nigerians more understand the criticality of the accreditation of NSITF and the benefits that could accrue to workers if their employers subscribe to the Scheme should there be any injury, sickness, death or disability arising from work related conditioning.
The retreat which was well attended by all members of the Senate and House panels on Labour and Employment concluded with a advertisement which resolved amongst other judgments , to forge a stronger collaboration between the NSITF and the National Assembly that would foster an NSITF that can apply its accreditation of furnishing a social safety net for Nigerian workers in both the public and private sectors.
Replying to the success of the retreat, the Senate Committee Chairman on Labour and Employment, Senator Diket Plang said
“I’m largely pleased because the robust engagement we’ve 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’ve no doubt that NSITF is in good hands and will grow in hops and bounds, satisfying the hankering of Nigerians. On our part, we shall do everything within our legislative sphere of influence to prop their success. ”
His counterpart in the House of Representatives, Hon. Adegboyaga Adefarati, said
“This is one of the stylish retreats I’ve ever attended.However, all of us from the House Committee on Labour are then, If you look around. Despite the fact that House is on recess, we’ve still taken our time to attend this veritably important retreat.
From the submission, no one is in mistrustfulness that the Managing Director has the capacity, character, and capability to make a stronger NSITF. What’s left is to give him every support to succeed ”.
The Senator representing Anambra Central, Victor Umeh limited the reflections when he said:
“From what you have presented to us this morning – all within one month of your resumption, it’s egregious to all that you have a establishment grip of your liabilities in the NSITF”.
For your Press Conferences/ Adverts/Media Consultancy/Support
Contact the Editor via WhatsApp +2349097600508/+2348032339384 or Email: news@dailyinsight.com.ng & shinaayo110@gmail.com