CEM REPORT | To seal the lips of negative trails that retarded its Employee Compensation Mandate, the Nigeria Social Insurance Trust Fund, (NSITF), has revealed that not less than N1,170,409,977.02 (1.1 billion) has been disbursed on a total of 23, 615 claims and compensation in the last one year.
The management of NSITF explained that this includes medical expenses refund to 603 employers, loss of productivity to 174 employers, death benefits to 10,610 beneficiaries of deceased employees as well as disability benefits, and retirement benefits to 3506 disabled employees among others.
The Managing Director of the Fund, Michael Akabogu, speaking at the Management Performance Review meeting in Abuja noted that the strategic reforms unveiled a year ago had not only frontloaded transparency and accountability in the operations of the fund but had also broken new grounds in expanding the execution of its mandate.
“The NSITF under this administration has been touching the lives of workers and their dependants with a total of 23, 615 claims and compensation, worth N1,170,409,977.02 – One billion, one hundred and seventy million, four hundred and nine thousand, nine hundred and seventy-seven naira, two kobo paid in the last one year. We have moved very far from what we met on the ground.”
“This includes medical expenses refund to 603 employers, loss of productivity to 174 employers, death benefits to 10,610 beneficiaries of deceased employees as well as disability benefits, retirement benefits to 3506 disabled employees among others.
“We have equally paid the Consequential Adjustment of the Minimum Wage with relevant taxes deducted appropriately. It is now left for all of us to double our efforts to sustain the improved welfare since the fund is non-treasury funded.”
According to him, targets set at the last Management Review Meeting held from 20th to 21st January 2022 which included setting up of the five syndicate groups to identify key issues affecting the operations of the regional and branch offices had been met.
“Instructively, we have narrowed the time frame between complaints and compensation from time-indefinite we met, to 14 days and now 10 days. This will further reduce when we introduce our duty-free call centre in the next few months.
“Other targets which we have also met since the last review are the automation of the fund’s operational process which is in progress and intended as a bulwark of accountability and transparency, and review of staff salaries which we have completed and forwarded to the National Salaries Income and Wages Commission as well as securing operational vehicles for all regions and branch offices.”
While expressing satisfaction in the achievements of the agency Akabogu, said “the fund now touches the lives of workers and their dependants like never before”, noting that the essence of the review was to “gauge the activities of Nigeria’s foremost social security institution and track the measured progress reports of regions and branches.”
He however frowned at the recent negative reports against the organisation, stressing that “aberrations and financial malfeasance of the past administration which has been taken care of by the law must not be allowed to distract its ongoing strategic reforms.”
He urged the staff to help educate the general public and correct the falsehood.
Commenting on the achievements, Executive Director Operation, Modu Gana assured that the fund is better equipped to tackle all challenges impeding the successful implementation of its mandate, noting that “the daily operational tracking templates, monthly scorecards models and quarterly MPR report” were carefully developed to improve our service.
The meeting among others took reports from all the 56 branches of the fund and decisions on the way forward.