NSITF considers including corps members in insurance scheme

The Nigerian Social Insurance Trust Fund (NSITF) has announced its intention to extend insurance coverage to National Youth Service Corps (NYSC) members, as part of an ambitious plan to enhance its operations and broaden its impact.

Speaking at a retreat organised for the Senate and House Committees on Labour and Employment in Lagos at the weekend, NSITF Managing Director, Oluwaseun Faleye, unveiled the agency’s strategic goals, which include increasing corporate registrations by one million yearly and declassifying the NSITF as a revenue-generating agency.

Faleye emphasised the need to provide insurance coverage to NYSC members, who are currently excluded from the provisions of Section 84 (2) of the Pension Reform Act 2014.

“Our target is to provide insurance to youth corps members who were originally not included in the legislative framework. This is a critical step in ensuring that all segments of Nigerian society are adequately protected under the NSITF scheme,” Faleye said.

He further stated that the agency is actively seeking the Federal Government’s approval to integrate NYSC members into its insurance scheme.

The retreat, themed ‘Building a Stronger NSITF,’ was organised to foster collaboration between the agency and lawmakers and to address the challenges facing the NSITF.

Faleye explained that the event was intended to serve as a platform for sensitisation, strategic planning, and problem-solving.

“This retreat is a significant step towards revitalising and optimising this essential fund. We need to rethink and strengthen the agency to ensure long-term financial sustainability and effectiveness,” he said.

The Managing Director also highlighted the agency’s efforts to increase compliance among Ministries, Departments, and Agencies (MDAs) regarding the one per cent Employees’ Compensation Scheme (ECS) deductions.

According to him, NSITF has requested that the Federal Government issue a circular to MDAs, directing immediate compliance with the Federal Executive Council’s approval for one per cent ECS deductions from their budgets.
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