Private Sector Rejects Senate Move to Amend NSITF Act
The Organised Private Sector of Nigeria (OPSN) has rejected the ongoing amendment to the Nigerian Social Insurance Trust Fund (NSITF) Act, describing it as a threat to transparency and workers’ welfare.
The OPSN, comprises, the Manufacturers Association of Nigeria (MAN), the Nigeria Employers’ Consultative Association (NECA), the Nigeria Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), the Nigeria Association of Small and Medium Enterprises (NASME) and the Nigeria Association of Small Scale Industrialists (NASSI).
In a statement made available to newsmen on Sunday in Abuja, OPSN contended that, the amendment, if scaled through, could result in excessive government control of the Fund.
The amendment, sponsored by the Senate Committee on Labour and Employment, chaired by Sen. Diket Plang, had passed a second reading in the Senate.
“These amendments threaten to fundamentally weaken the NSITF governance structure, erode accountability and transparency, and expose the Fund to undue political interference,” the OPSN said.
According to the group, the NSITF was founded on a tripartite structure representing government, employers and labour, in line with International Labour Organisation (ILO) Conventions 102, 144 and 87.
“These conventions, which Nigeria has ratified, require that social security institutions be managed with the full participation of social partners, protecting contributors and beneficiaries from unilateral control,” it added.
The OPSN noted that the proposed amendment would reduce the representation and influence of employers and workers, while increasing government’s control through political appointments.
“This approach undermines the principles of good governance, transparency and accountability essential for managing social security funds effectively,” the group said.
It further stressed that the NSITF management board, as presently constituted, serves as the trustee and conscience of the fund, ensuring prudent and transparent management of workers’ contributions.
“Weakening this board with a politically dominated structure will erode the Fund’s autonomy, open doors to mismanagement and jeopardise the benefits and security of millions of Nigerian workers,” the OPSN warned.
The group called on President Bola Tinubu and the Senate President, Godswill Akpabio to intervene and stop what it described as “a dangerous legislative distraction.”
“The NSITF must not be politicised or weakened.
“Its governance should remain rooted in tripartism, transparency and accountability as enshrined in ILO conventions,” the body said.
The OPSN also urged the Senate to focus on passing the long-awaited Labour Law Bill, describing it as critical to modernising Nigeria’s labour and industrial relations system.
“The future of Nigeria’s social protection and industrial peace depends on upholding these principles and resisting any attempt to compromise the integrity of the NSITF,” the OPSN said. Lafarge Africa’s Q3 2025 Performance Fuels Price Surge
