The Chairman of the Management Board of the Nigeria Social Insurance Trust Fund (NSITF), Hon. Sola Olofin, has called for urgent action to protect the Fund’s independence from regulatory overreach.
Speaking at the 69th Board Meeting—the third since the inauguration of the current Board—held at the Transcorp Hilton Hotel, Abuja, Olofin raised concerns about the Finance Act 2021 and its impact on NSITF’s operations.
According to him, the Act has created confusion over whether contributions made to the Fund should be classified as federal revenue under the Federal Inland Revenue Service (FIRS).
“This is not just an accounting matter. It has far-reaching implications for the autonomy, operations, and financial health of the Fund,” Olofin warned.
He urged Board members to rally behind the Barr. Oluwaseun Faleye-led Management in strengthening NSITF’s policy stance on the issue, stressing the importance of advocacy and legal clarity.
“We must ensure that policymakers and tax authorities understand that NSITF contributions are statutory, earmarked for social security, and must remain independent of tax revenue classifications,” he added.
Olofin emphasized that the Board’s role goes beyond governance—it includes protecting workers’ social security safety net.
He concluded by reminding members:
“This meeting is not only a statutory requirement but a commitment to safeguard Nigerian workers’ trust and to fulfill the mandate given to us by the President, the Minister of Labour and Employment, and indeed the workers we serve.”
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