Federal Govt, Labour, Others Back Social Security Bill

The federal government and the Nigeria Social Insurance Trust Fund (NSITF) have expressed support for a new Social Security Trust Fund Bill, which seeks to harmonise the extant NSITF Act and the Employees’ Compensation Act (ECA) 2010 to enhance service delivery and expand social protection coverage in Nigeria.

The Senate, through its Committee on Employment, Labour and Productivity, also assured stakeholders at a public hearing in Abuja that their inputs would guide the crafting of an inclusive and broadly acceptable law.

Sponsored by Senator Cyril Fasuyi (Ekiti North), the bill aims to transform the NSITF into the Nigeria Social Security Trust Fund (NSSTF) by merging provisions of the NSITF Act of 1993 and the ECA 2010.

The proposed legislation also aims to expand the Fund’s mandate to encompass broader social security benefits for Nigerian workers.

In his presentation, the managing director and chief executive officer of NSITF, Mr Oluwaseun Faleye, commended the Senate for what he described as a “strategic and forward-looking legislative intervention.”

He said the bill represents a significant step toward modernising Nigeria’s social security architecture in line with international standards, including key International Labour Organisation (ILO) conventions.

Faleye noted that one of the bill’s most important provisions is the repeal of both the NSITF Act 1993 and the ECA 2010, whose simultaneous existence has led to operational ambiguities—especially after the Pension Reform Act (PRA) 2014 transferred contributory pension responsibilities from the NSITF to the National Pension Commission.

The Nigeria Labour Congress (NLC) and the Nigerian Employers Consultative Association (NECA) initially opposed aspects of the bill. However, NLC president Joe Ajaero softened the union’s position, saying:

“We are not here for ‘we no go gree.’ Since many other critical stakeholders have supported the bill, the NLC is not opposed to it. But the grey areas we identified should be addressed by the committee.”

After extensive deliberations, the chairman of the Senate Committee on Labour, Senator Diket Plang (Plateau Central), assured Nigerians that the Senate would soon deliver a widely acceptable and effective law on the Social Security Trust Fund.