Eleven thousand Nigerians paid N1 billion: NSITF

The NSITF said over N1 billion was paid to beneficiaries and that the financial account of the fund, which was in arrears for seven years, had been audited up to 2018.

News Agency of Nigeria • December 13, 2021

Nigeria Social Insurance Trust Fund ( NSITF)

The Nigeria Social Insurance Trust Fund ( NSITF) says it has settled more than 11,000 claimants.

This was disclosed by the NSITF chairman Austin Enajemo-Isire while briefing journalists in Abuja on Sunday.

The NSITF said over N1 billion was paid to beneficiaries and that the financial account of the fund, which was in arrears for seven years, had been audited up to 2018, with 2019 and 2020 currently under the process of auditing.

“Today, NSITF is currently undergoing a transformation and repositioning to deliver on its core mandate in line with the vision of the fund. Therefore, a new beginning, a renewed hope weaved around a commitment to rebuild NSITF that the Nigerian workers will be proud of,” the NSITF boss explained. “It is gratifying to note that since the inauguration of the present executive management, the fund has been on a turnaround and a growth trajectory. This is one of the key promises made by the management board to change the narratives during their inauguration with a view to enthroning sound policies, accountability, and probity.”

He added that the Employee Compensation Act ( ECA) guiding the operations of NSITF resulted from the Employee Compensation Scheme (ECS) introduced and powered by an act of parliament, known as ECA, in 2010.

(NAN)

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