FG approves digitisation of National Social Insurance Trust Fund (NSITF)

The Federal Government has approved the digitisation of the services of the National Social Insurance Trust Fund (NSITF), which is now to be known as the e-NSITF.

This was approved by the FEC on Wednesday in a meeting presided by President Muhammadu Buhari at the Council Chamber of the State House, Abuja.

Labour Minister,  Chris Ngige announced the approval in a press briefing on Wednesday evening.

What the minister is saying

The Minister disclosed that the plans to digitise the NSITF was in line with the FG’s policy on ease of doing business.

 “The ministry presented two memos to the council today. The first memo was presented on behalf of our parastatal, the Nigeria Social Insurance Trust Fund (NSITF).

“As you’re aware, a lot has happened in the NSITF in terms of revenue losses and plunder of funds that have been given to that organisation.

“The NSITF implements the Employee Compensation Act ECA 2010 and by that Act, employers in both public and private sectors are supposed to pay 1% of the emoluments of their staff into a social fund in NSITF.

“And this one is to be used as a premium or insurance fund to cater for workers or staff members who have accidents, injuries, disabilities and even deaths that occur in the cause of their work.

He also added that the Pension Act makes reference to it that it must be done for workers in addition to group life, because funds that have gone in there have not been properly utilised and payments have not been tracked.

“So, today we brought to council a memo for an e-NSITF by which their operations will now be digitalised.

“So, in the comfort of your office, you can pay and register on that platform and that money is now tracked into a Central pool, from where claims are made and payments are also made for the insurance of those who are beneficiaries, you also track them.” He added.

Meanwhile, the Minister of Industry, Trade and Investment, Chief Niyi Adebayo, disclosed that the FEC approved the enactment of the Federal Produce Inspection Service Bill 2022, for onward transmission to the National Assembly for passage.

The proposed law is to repeal the Produce Enforcement of Standards Act 2004, which is currently in place.

Adebayo said “The proposed bill seeks to correct the shortcomings in the previous law. For instance, the organisational structure to which the law applies has increased to 72 from 16, the location covered by emergency orders for pest control use in the event of an outbreak.

“The old law covered only Lagos but now the new bill will cover the whole country.

“The new law also makes provision for the establishment of laboratories in five geo-political zones in the country in addition to the one that presently exists in Lagos for microbial analysis of agro produce, for local consumption and for export,’’ he said.