The Nigeria Social Insurance Trust Fund (NSITF) has faulted the claim by the National Assembly that the agency owes the Federal Government N3.8 billion for non-remittance of Operating Surplus Funds.

Mrs. Ijeoma Okoronkwo, the NSITF General Manager, Corporate Affairs made this known in a statement made available to newsmen on Wednesday in Abuja.

The House of Representatives Adhoc Committee on Unclaimed Funds recently said the agency owed the Federal Government N3.8billion in respect of non-remittance of Operating Surplus Funds between 2013 and 2020.

According to Okoronkwo, being a social security agency, which is currently majorly funded from contributions of private-sector employers to procure cover on behalf of their employees, can not be described as revenue.

“The amount standing to the credit of the Employers Compensation Fund Account does not fall under the Operating Surplus as intended by Section 22 of the Fiscal Responsibility Act.

”NSITF is a Non-Treasury Funded Parastatal and the one percent contribution can be likened to Insurance premium and not IGR,” she said.

She said that the balance in the agency account was meant to be invested in line with section 32(e) of the Employee Compensation Act 2010.

She said that this was in order to fulfill its obligations of payment of death claim, medical compensation and rehabilitation expenses as they occurred, and was not meant to be remitted to the Consolidated Revenue Fund of the federation.

She commended the National Assembly committee members for understanding the agency’s explanation.