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By Tracy Moses
The Managing Director and Chief Executive of the Nigeria Social Insurance Trust Fund (NSITF), Barr. Oluwaseun Faleye, has warned that conflicting and overlapping social security laws have, for years, undermined the Fund’s ability to deliver effective services to Nigerian workers. He said the long-standing legal confusion makes the proposed Nigeria Social Security Trust Fund Bill, 2025, not only timely but essential for restoring order and strengthening the nation’s social protection system.
Faleye, who stated this in a memorandum submitted at a public hearing of the National Assembly, explained that the coexistence of the NSITF Act 1993, the Employees’ Compensation Act (ECA) 2010, and certain provisions of the Pension Reform Act (PRA) 2014 had placed the agency in a difficult regulatory position. This, he noted, resulted in overlapping mandates, misinterpretations, and operational delays that ultimately hindered service delivery.
“For years, operating under two principal Acts, while also navigating the implications of the Pension Reform Act, created avoidable overlaps in mandate and administration. The new bill brings clarity and strengthens the legal foundation under which we operate,” he said.
Faleye added that although the PRA 2014 transferred pension-related responsibilities to the National Pension Commission, Sections 84(2) and (3) still affirm NSITF’s mandate to provide non-pension social security services. This duality, he said, has continued to fuel misunderstanding among the public, employers, and even some government institutions regarding the Fund’s actual role.
To address this, the NSITF chief expressed strong support for the bill’s plan to consolidate the various laws into a single, coherent framework. He further backed the proposal to remove the word “Insurance” from the agency’s name, saying the term has long contributed to public misconceptions that have discouraged uptake of the Employees’ Compensation Scheme.
“Stakeholders consistently told us that the word ‘insurance’ created cultural and emotional resistance. This change is informed by real experiences across communities,” he said.
Faleye described the new Nigeria Social Security Trust Fund Bill as a “fresh beginning” that aligns with President Bola Ahmed Tinubu’s Renewed Hope Agenda and international labour standards, including ILO Convention 102 on Social Security (Minimum Standards) and Convention 144 on Tripartite Consultation.
He highlighted several key reforms contained in the bill, including electronic claims submission, expanded coverage for informal and self-employed workers, recognition of multiple spouses in line with cultural norms, establishment of trust accounts for underage dependants, and the formal inclusion of trado-medical practitioners in treatment processes.
According to him, these innovations will modernise Nigeria’s social security system, strengthen public confidence, and extend protection to millions of currently underserved citizens.
“This is not just a name change; it is a structural reform that will improve service delivery and reposition the Fund for broader social security responsibilities as endorsed by the International Labour Organisation,” he added.
Faleye urged lawmakers to fast-track the passage of the bill to eliminate the regulatory bottlenecks that have hindered NSITF’s operations for more than a decade, thereby enabling the Fund to fully implement its mandate.