From Atiku Sarki, Abuja
The Nigeria Social Insurance Trust Fund (NSITF) has unveiled a new strategy aimed at enrolling 1 million beneficiaries under its Employee Compensation Scheme (ECS).
The initiative primarily targets the informal sectors, where the workforce comprises up to 70% of the population.
During a briefing in Abuja at the launch of the Fund’s comprehensive enlightenment and enrollment campaign, the Director-General and Chief Executive Officer of NSITF, Barrister Oluwaseun Falaye, highlighted the efforts of the Fund’s new management to address ongoing challenges and enhance the Fund’s operations.
Falaye noted that many Nigerians and organizations remain unaware of the activities and programs offered by the Fund, particularly the Employee Compensation Scheme.
He attributed this to a lack of awareness and emphasized the importance of creating broader public knowledge to increase participation.
Despite the challenges, such as employees and employers colluding to underreport salaries or minimize the number of staff, which ultimately harms both parties, the Fund is focused on developing a social safety net that aligns with Nigeria’s dynamic and diverse economy.
“Despite these challenges, we are developing a social safety net within the ECS that caters to Nigeria’s diverse economy. Soon, we will roll out initiatives specifically for small and medium-sized businesses, road transport workers, and other informal sector participants, ensuring they benefit from employee compensation protection,” Falaye said.
The CEO also called on the media to help raise awareness about the Fund’s programs and activities. He emphasized the importance of the media in achieving the Fund’s objectives and committed to a strong partnership with media organizations to fulfill its mandate.
In a related development, the Fund has enlisted the services of consulting firm KPMG to review its stalled N15 billion e-NSITF project.
The Coordinator of the H~T, Mr. Terfa Tilley Gyado, expressed confidence that the comprehensive campaign would help the Fund achieve its target of one million enrollments annually. He also noted that with the launch of the new campaign, the Fund was well-positioned to expand its reach.
It was also recalled that in 2023, the federal government launched Phase Two of the electronic Nigeria Social Insurance Trust Fund (e-NSITF), aimed at upgrading the infrastructure with N15 billion in funding.
Acknowledging the importance of digitalization to its operations, the leadership of the Fund recognized the significant challenges faced by previous efforts, including the e-NSITF project awarded in 2022.
To ensure accountability and transparency, the Fund has engaged KPMG to evaluate the contractor’s performance against the project’s original scope.
The Fund is also collaborating with the EFCC and other anti-corruption agencies to monitor service delivery and ensure it meets the needs of Nigerians.
