NSITF Retreat Marks New Era: Legislative Bodies Endorse Strategic Reforms
Mercy Gadia
The Nigeria Social Insurance Trust Fund (NSITF) wrapped up a pivotal two-day retreat in Lagos with a call for enhanced legislative collaboration aimed at transforming the agency.
In a statement in Abuja by the NSITF General Manager, Corporate Affairs, Nwachukwu Godson, the retreat involved detailed presentations from the new NSITF Managing Director, Oluwaseun Faleye, focused on a strategic roadmap for 2024-2027.
Key resolutions included strengthening governance, expanding coverage, improving service delivery, and optimizing investment strategies. Both Senate and House Committees on Labour and Employment endorsed the MD’s vision, emphasized digital transformation, and advocated for the reclassification of NSITF to better utilize its funds.
The management and members of the Committees agreed that being a Trust Fund, NSITF is not a revenue generating agency, and should therefore be removed from the Schedule I of the Fiscal Responsibility Act 2007.
The lawmakers noted that if achieved, this will exempt the NSITF from the mandatory 50% revenue deduction by the Ministry of Finance, thereby allowing the full utilization of its funds for its intended beneficiaries.
They also called for a digital overhaul to boost transparency. “it is critical for NSITF to undertake a digital transformation of its core functions, departments and programs as well as implement an electronic record system to improve service delivery and show transparency”.
The commitment to robust collaboration and support for NSITF’s new direction was underscored When Senate and House Committees on Labour and Employment expressed strong support for Faleye’s vision, pledging to assist in realizing these strategic goals.
The retreat highlighted a unified commitment to enhancing the NSITF’s role in providing a robust social safety net for Nigerian workers.
