The House Committee on Labour, Employment, and Productivity, in collaboration with its Senate counterpart, has called for the removal of the Nigeria Social Insurance Trust Fund (NSITF) from Schedule 1 of the Fiscal Responsibility Act (FRA), 2007.
In a statement, Spokesman House of Representatives Rep. Akin Rotimi, Jr. this move is aimed at enhancing the NSITF’s capacity to provide a robust social safety net for workers across the public and private sectors.
The advocacy emerged from a two-day retreat in Lagos, organized by the NSITF for members of both committees. The event was intended to deepen the legislators’ understanding of the NSITF’s operations and its critical role in worker protection.
Committee members urged the NSITF to accelerate the enrolment of all public sector employees in the Employee Compensation Scheme (ECS) and emphasized the importance of timely ECS remittances. They argued that delisting the NSITF from the FRA’s Schedule 1 would exempt it from the mandatory 50% revenue deduction by the Federal Ministry of Finance, allowing for full utilization of its funds for its intended purposes.
Nwachukwu Godson, NSITF General Manager (Corporate Affairs), highlighted the need for digital transformation within the NSITF to improve service delivery and transparency. The retreat also saw the presentation of the “NSITF Strategic Priorities 2024-2027” by the new Managing Director, Oluwaseun Faleye, which was well-received by the committee members.
Rep. Adegboyega Adefarati, Chairman of the House Committee, praised Faleye’s leadership, expressing confidence in his ability to strengthen the NSITF. Senator Diket Plang also expressed satisfaction with the retreat’s outcomes, pledging the committees’ legislative support to ensure the success of the NSITF.
