STRATEGIC OBJECTIVES OF THE NEW NSITF SHORT, MEDIUM & LONG TERM 2007- 2020
MANDATE OF NSITF
Nigeria Social Insurance Trust Fund (NSITF), the successor to the defunct National Provident Fund is the sole government agency statutorily vested with the function of providing social security, social protection for the poor, the aged, the disabled and disadvantaged members of the population. Section 16 of the NSITF Act, No. 73 of 1993 mandated the fund to provide the following benefits:
a) Retirement pension b) Retirement grant
c) Survivors benefit d) Death grant
e) Invalidity benefit f) invalidity grant
g) Such other benefit as may be approved from time to time by the board
The statutory powers of the Fund as the sole government institution charged with the responsibility for providing social security to the Nigerian citizens was reinforced by the Pension Reform Act, 2004 which provides in Section 71 that “… NSITF shall provide every contributing citizen Social Security Insurance Services other than Pension in accordance with the NSITF Act, 1993”.
THE NEW NSITF: Social Security Provider
The new NSITF is emerging at the onset of a new administration and under a new leadership to execute its statutory mandate of providing social security services to the poor, the aged, the disabled and disadvantaged member of the population. This is clearly specified in the NSITF Act 1993 and the Pension Reform Act, 2004. In addition, Stakeholders which included Labour, Civil Society, International Bodies representated by the ILO and the general public, in November 2005, at a national summit, endorsed NSITF as the agency for the implementation of social security and poverty related programmes in Nigeria.
Furthermore, the National Labour Advisory Council (Government, Employers and Labour) and the ILO have also endorsed the NSITF to provide Employees’ Compensation Scheme to the working population of Nigerians.
NSITF has identified and worked on other social security branches considered feasible and beneficial to the greater number of Nigerians. These schemes are highlighted in this document.
NEW VISION
To be the leading Social Security Agency in Africa setting the agenda for social policy, economic development and poverty alleviation.
OUR CORE VALUES
- Social Responsibility and Advocacy
- Professional management and Good Corporate Governance
- Transparency and Accountability
- Human Capital Development
- Financial Prudence and Security of Investible Funds
SUMMARY OF THE STRATEGIC OBJECTIVES AND PLANS 2007 – 2020
Established by Act No. 73 of 1993 as a provider of Social Security benefits to workers in the private sector of the economy, mandate was enlarged by the Pension Reform Act, 2004 (S.71[2]) as the sole provider of Social Security Services to all Nigerian citizens.
LONG TERM GOALS
- Ensure the Recognition, Reliability and Credibility (RRC) of the Fund as provider of Social Security Services to Nigerians.
- Promote the harmonization and rationalization of all providers of social security schemes in the country with Nigeria Social Insurance Trust Fund (NSITF) as the apex institution endorsed by stakeholders at a Social Security summit held in November, 2005, in accordance with its statutory mandate and in tandem with the International Labour Organization (ILO) minimum standards as contained in the relevant ILO constitution to which Nigeria is a signatory.
- Enthrone a Comprehensive Social Security Scheme (COMPASS) extended to cover both the formal and informal sectors of the economy in Nigeria.
Outcomes
- The cost of administration of Social Security would be drastically reduced through the harmonization and rationalization process;
- The fund would become a major employer, employing in thousands;
- The fund would become a major facilitator of business especially the SMES
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