The Nigeria Social Insurance Trust Fund (NSITF) has paid out over N529 million as claims and compensation in the last two quarters, from June to November 2021.
This was disclosed by Dr Michael Akabogu, Managing Director of NSITF in a meeting organized by the labour correspondents and themed, “Advancing Social Security: The Focus of the New NSITF”, according to the NAN,
Akabogu stressed that the scheme aims to widen the spread of enrollees whilst also improving and ensuring prompt payment of claims and compensations to give value for money to contributors in the scheme.
What they are saying
Akabogu said, “It may interest you to know that NSITF in last two quarters 2021, paid a total sum of N529,962,770.07, as claims and compensation,.’
He pointed out that the total sum paid covers the medical expenses refunds, loss of productivity to employers, death benefit to next of kin, disability benefits to employees and also to the beneficiaries of deceased employees and the retirement benefits on behalf of disabled employees.
He said, “as we discuss, the new NSITF advancement in all spheres, especially Social Security which is also our core mandate, we intend to reach all vulnerable Nigerians and 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.”
Noting that the platform serves as the best for the execution of the social security drive of the Federal Government, especially the social assistance aspect of social security, he explained that this will be done partly through the provision of social protection through the agriculture sector to end/reduce unemployment in Nigeria given that the youthful population, especially the unemployed data, stands at an enormous rate.
He said, “It is natural to submit that while the youth in their productive age are actively engaged in agriculture, considering the benefits there in, the tendency to engage in social vices would reduce drastically. 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 an employer of labour.
Also speaking on the provision of social assistance through cash handout, he noted that the reason for the cash handout is to stimulate the economy that has been heavily affected by the insurgency, armed banditry, robbery, kidnapping and the COVID-19 pandemic.
However, Akabogu, added that his administration is passionate about rewriting the NSITF narrative and ensuring excellent service delivery that is devoid of distrust and its attendant misdemeanours.
“We are poised to chart a new course of action that will position the fund in the positive light away from setbacks owing to some of the past activities revolving around leadership failures, embezzlements, and misappropriation of funds.”