NSITF processes 103,000 beneficiaries’ claims, prioritises workplace safety

The Managing Director and Chief Executive Officer of the Nigeria Social Insurance Trust Fund (NSITF), Mr. Oluwaseun Faleye, has announced that the Fund has successfully processed and paid claims to 103,292 beneficiaries as of July 2023, including 111 individuals who received prosthetics. Faleye emphasized that the safety and well-being of employees, the reduction of workplace accidents, and compliance with legal standards remain central to his administration’s goals.

Faleye made these remarks during a two-day retreat in Lagos for the Senate and House Committees on Labour, Employment, and Productivity. The retreat, themed “Building a Stronger NSITF,” was designed to sensitize stakeholders, foster strategic planning, and encourage collaborative problem-solving to optimize the Fund’s operations.

Under Faleye’s leadership, the NSITF is dedicated not only to fulfilling its mandate of compensating workers but also to actively promoting workplace safety through Occupational Safety and Health (OSH) activities. To date, over 25,000 registered employer entities have benefited from the Fund’s OSH initiatives. Additionally, the NSITF is engaged in amending the National Safety and Health Council Bill at the National Assembly to further strengthen its impact.

Faleye highlighted that the NSITF’s mission aligns with international standards, such as those set by the International Labour Organisation (ILO) and the International Social Security Administration (ISSA). He clarified that the Fund is not a revenue-generating agency but a trustee managing funds to protect Nigerian workers under the Employees’ Compensation Scheme (ECS), established by the Employees’ Compensation Act of 2010.

Faleye stated, “We are acutely aware of the evolving demands of our time, which require us to rethink and strengthen this institution. Our mission is clear: to confront and overcome the challenges that have hindered the NSITF’s full potential and to pave the way for a more transparent, efficient, and resilient system. We envision a future where the NSITF stands as a model of excellence, transparency, and resilience.”

To enhance compliance and broaden its impact, the NSITF has engaged the office of the Secretary to the Government of the Federation to issue a circular mandating all Ministries, Departments, and Agencies (MDAs) to comply with the Federal Executive Council’s approval for a 1% Employees’ Compensation Scheme deduction from their budgets. This directive is part of the Fund’s broader advocacy efforts to build a culture of proactive participation in social security.

Faleye also revealed that his administration is focused on ensuring the long-term financial sustainability of the NSITF by enhancing risk management practices and improving service delivery to meet the evolving needs of beneficiaries, while maintaining transparency and accountability.

Senator Diket Satso Plang, Chairman of the Senate Committee on Employment, Labour, and Productivity, expressed optimism about the retreat’s outcomes. He emphasized that the retreat provided committee members with valuable insights into the operations and challenges of the NSITF, enabling them to perform their oversight functions more effectively.

“This retreat is crucial because it allows us to gain a thorough understanding of the NSITF’s operations. With this knowledge, we can better perform our oversight functions, ensuring that the Fund remains stable, progressive, and capable of achieving its goals,” Senator Plang stated.

Hon. Adegboyega Adefarati, Chairman of the House Committee on Employment, Labour, and Productivity, also commended Faleye for his leadership and urged him to accelerate the full automation of NSITF operations to leverage artificial intelligence and other digital technologies.

“We have confidence in Mr. Faleye’s ability to lead the NSITF to greater heights. Automation is key, and with the cooperation of the Senate Committee, we are ready to support any necessary amendments to the Act to facilitate this,” Adefarati assured.

With the continued support of the National Assembly, the NSITF’s path to transformation looks promising, offering a hopeful outlook for the future of Nigeria’s social insurance system.