Employees compensation: NSITF pays over N529m to beneficiaries

The Management of the Nigeria Social Insurance Trust Fund(NSITF) on Wednesday 8 December 2021, said it has paid over N529 million as claims and compensation within the month of June and November of 2021 to beneficiaries.

Managing Director of the Fund, Dr Michael Akabogu, said this in Abuja when he addressed the Labour Correspondents Association of Nigeria (LACAN) at a meeting tagged: “Advancing Social Security: The Focus of the New NSITF.”

In his explanations, Akabogu said that the claims include the medical expenses refunds, loss of productivity to employers, death benefit to next of kin, disability benefits to Employees.

He also noted that others are the beneficiary of deceased employees and the retirement benefits on behalf of disabled employees.

He further added that the new NSITF advancement in all spheres especially, Social Security which is also our core mandate.

“intend to reach all vulnerable Nigerians while also reaching all employees through the Employees’ Compensation Scheme.

“Social Security contingencies are numerous, namely invalidity benefits, old-age benefits, sickness, and unemployment benefits amongst others, considering that the present economic and social situation in the country is largely due to unemployment.

“We hope that the contingencies when fully implemented could reduce unemployment, vulnerability and achieve a safe Nigeria.

“I can tell you today that, we are repositioned to demonstrate the Fund’s readiness as the best platform for the execution of the social security drive of the Federal Government especially the social assistance aspect of social security.

“This will be done partly through the provision of social protection through the agriculture sector to end/reduce unemployment in Nigeria. The youthful population especially the unemployed data stand at an enormous rate.

“It is natural to submit that while the youth in their productive age are actively engaged in agriculture, considering the benefits there is the tendency to engage in social vices would reduce drastically, ’’he said.

The NSITF boss also noted that secondly, the poverty reduction and government agenda to feed its teeming population with homegrown food would also be realized on the provision of social assistance through skill acquisition.

He added that the essence of skill acquisition is to equip the youths to be able to earn a living to sustain themselves.

“If an unemployed person learns a certain skill, it will enable the person to work in the field of learning and support themselves and others around them, and become employers of labour.”

On the provision of social assistance through cash handouts, he noted that the reason for the cash handout is to stimulate our economy. He said this has been heavily affected by the insurgency, armed banditry, robbery, kidnapping and the COVID-19 pandemic.

“It is an initiative that will disburse a certain amount of cash to individuals and/or households ascertained to be vulnerable to help them cope with lack of income due to unemployment, ’’he said.

He, however, reiterated that the management team would run a transparent administration that is devoid of favouritism and segregation.

“Our focus will strictly be on the fulfilment of the core mandate of the Fund, thereby restoring confidence in the processes and dignity of the Fund.

“We would aim to create pathways to widen the spread of our enrollee and most importantly, improve on and ensure prompt payments of Claims and Compensations to give value for money to all the Contributors in our Employee Compensation Scheme.” His words.

Also, Akabogue stated that his administration is passionate about rewriting the NSITF narrative and ensuring excellent service delivery, devoid of distrust and its attendant misdemeanours.

He also that the agency would continue to partner with the media in the area of positive enlightenment about NSITF and the Social Security mandate of the Fund.

“We are poised to chart a new course of action that will position the Fund in the positive light, away from the overwhelming series of bad press.

“Also setbacks owing to some of the past activities revolving around leadership failures, embezzlements, and misappropriation of funds.

“I know there has been the circulation of accurate and inaccurate news reporting about the activities of the Fund in the previous years.

“We are positioned to rewrite the narrative. This is not just a statement, it is an act that we have set in motion. To achieve it, firstly, we redeployed 3.000 staff across our 56 branches and 11 regions, majorly to their areas of competencies in order to strengthen the Fund’s operations.

“The crux of the matter as it concerns our gathering here today is to foster a cordial working relationship with the members of the press and state our commitment towards the timely dissemination of our activities. We will receive questions from you as it concerns our operations, as well as provide answers to it as we believe that this interaction will greatly advance the course of employees welfare and invariably correct the negative impressions about the Fund created over the years.

“In addition, it may interest you to know that NSITF in last two quarters spanning from the month of June to November 2021, paid a total sum of N529,962,770.07 (Five Hundred and Twenty-nine Million, Nine Hundred and Sixty two Thousand, seven Hundred and seventy and seventy Naira) as Claims and Compensation.”

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