The Nigeria Social Insurance Trust Fund (NSITF) has made it clear that it did not object the 40 per cent to the Ministry of Finance’s 40% employer contribution deduction.
As stated in the media, NSITF does not have the authority to reject the deduction, according to a statement made in Abuja by the fund’s general manager of corporate affairs, Nwachukwu Godson.
According to him, the fund was merely restating a request that had been made on October 3, 2023, to the former minister of labor and employment, Simon Lalong, for a review of the NSITF’s inclusion in the Fiscal Responsibility and Finance Act of 2020 due to its unique status as a non-treasury funded organization that holds contributor funds in trust.
The statement reads in parts, “For the avoidance of doubt, this is what the managing director’s statement released on New Year Day stated: The NSITF stands at the threshold of social and economic change, and poised to overcome its challenges as the custodian of social security”.
“Amidst our accomplishments, we are grappling with challenges impeding the fulfilment of our mandate, one of which is the deduction in 2022, of 40 per cent amounting to N1.4 billion from employer contributions by the Ministry of Finance as an operating surplus in line with the Fiscal Responsibility and Finance Act of 2020, despite the fact that the NSITF is not a revenue-generating agency.
The NSITF is a tripartite agency holding funds-contributions in trust for the benefits of employees under the ECS and without an operating surplus. The NSITF is also not treasury-funded and does not draw from the Consolidated Revenue Fund of the Federation and therefore seeks for a review and removal from the schedule of the Fiscal responsibility Act,” he said
Adewale Adeleke, just marked his 5th wedding anniversary with his wife, Kani. Their touching celebration was shared on social media… Read More
Solomon Buchi, a media personality, was heavily criticized for allowing his pregnant wife to stand during a photoshoot while he… Read More
Kanye West revealed his remarkable path from being poor to becoming a billionaire. In his post, he also spoke about… Read More
Mike Bamiloye, a renowned clergyman and filmmaker, is celebrating the birth of his third child, Damilola Mike-Bamiloye, with his wife,… Read More
Davido, a renowned singer, expressed his heartfelt congratulations to Tems, who recently won her second Grammy Award at the 67th… Read More
Yemi Alade is receiving lots of congratulations from fans and celebrities after she proudly displayed her Grammy Nominee Medal. The… Read More
This website uses cookies.