NSITF seeks inclusion of NYSC members in compensation scheme

Oluwaseun Faleye, managing director and chief executive officer (CEO) of the Nigeria Social Insurance Trust Fund (NSITF), says the agency is working to include National Youth Service Corps (NYSC) members in its compensation scheme.

Faleye spoke on Thursday during a two-day retreat organised by the agency for the senate and house committee on labour, employment and productivity in Lagos.

He said the retreat was organised to provide a platform for “increasing awareness, encouraging open dialogue, facilitating strategic planning, and supporting collaborative problem-solving to revitalise and enhance essential funds”.

He said there is a need for the government to “rethink and strengthen the agency”, noting that NSITF “has registered over 164,000 employers and 8.4 million employees since 2011”.

Faleye added that the agency provided compensation to over 103,000 beneficiaries, including 111 people who received prosthetic limbs.

The managing director added that the agency has carried out 25,000 Occupational Safety and Health (OSH) activities.

He promised to ensure the fund’s “long-term sustainability and effectiveness by enhancing risk management, improving service delivery to meet beneficiaries’ evolving needs, and maintaining transparency and accountability”.

“The agency is making moves to get the federal government’s approval to include the NYSC in the scheme,” he added.

Diket Plang, chairman of the senate committee on employment, labour and productivity, said the retreat would help lawmakers address issues related to injured workers and the deceased.

“The retreat is very timely and I believe NSITF will be better for it in the end. Where the legislators, the executives and the MDAs have understanding of what to do, it will lead to a more successful NSITF,” Plang said.

Victor Umeh, member of the senate committee on employment, labour and productivity, asked the agency to invest the fund realised from 1 percent workers’ contribution.

Umeh said it would help in reducing the workforce’s housing deficit.

He urged the agency to promptly pay compensation to affected workers to make the scheme more attractive.

Other issues raised at the retreat included the agency’s access to contributions, lack of digitalisation in fund processes, and compliance officers’ inability to register ministries, departments and agencies (MDAs).

Lawmakers pledged to bring up all the challenges at plenaries.