The Nigeria Social Insurance Trust Fund(NSITF), says it has paid over N529 million as claims and compensation in the last two quarters, spanning from the month of June to the end of November of 2021.

Dr Michael Akabogu, Managing Director of NSITF, said this at a meeting, tagged, “Advancing Social Security: The Focus of the New NSITF”, organised for Labour correspondents on Wednesday in Abuja.

“According to Akabogu, we aim to create pathways to widen the spread of our enrollee and most importantly, improve on and ensure prompt payment of claims and compensations to give value for money to all the contributors in our Employee Compensation Scheme.

“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 said.

He said that these 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 beneficiaries of deceased employees and the retirement benefits on behalf of disabled employees.

According to him, “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 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, stands 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 in, 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 home-grown food would also be realized on the provision of social assistance through skills acquisition.

He added that the essence of skills 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 an employer of labour.

On the provision of social assistance through cash handout, he noted that the reason for the cash handout is to stimulate the economy. 

Akabogue also said that 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 favoritism and segregation.

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

Akabogue, however, added that his administration is passionate about rewriting the NSITF narrative and ensuring excellent service delivery, devoid of distrust and its attendant misdemeanors.

He also said that the Fund 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 about the activities of the Fund in the previous years,’’ he said.

Mrs Ijeoma Oji-Okoronkwo, General Manage/Head Corporate Affairs, said the purpose of the programme was to foster a cordial working relationship with the media towards the timely dissemination of news on the Fund activities,‘’ she said.

It would be recalled that the new management of the Fund assumed duties in June 2021.