The Organised Private Sector of Nigeria (OPSN), including the Nigeria Employers’ Consultative Association (NECA), the Manufacturers Association of Nigeria (MAN), and the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), has strongly opposed the Senate’s proposed amendment to the Nigeria Social Insurance Trust Fund (NSITF) Act.
They warned that the change could undermine the fund’s governance, reduce transparency, and expose it to political interference.
In a letter addressed to the Senate President and signed by the Directors-General of the member organizations, the OPSN urged the lawmakers to halt the legislative process. They stressed that the NSITF’s current tripartite governance, involving government, employers, and labor, aligns with International Labour Organisation (ILO) conventions and ensures effective management of social security funds.
The OPSN criticized the Senate for focusing on what it called an unnecessary amendment, instead of prioritizing the long-delayed Nigeria Labour Law Bill. “The proposed changes would weaken the NSITF’s structure and diminish the role of employers and workers, who are the main contributors and beneficiaries of the fund,” the letter stated.
The amendment seeks to increase government control through political appointments while reducing the representation of employers and workers. The OPSN argued that this approach is against the principles of good governance, transparency, and accountability, essential for the proper management of social security funds.
To protect the fund, the OPSN pledged to explore all legitimate legal and international avenues, including recourse to ILO supervisory mechanisms. They emphasized that any action undermining the NSITF’s effectiveness, sustainability, and compliance with international best practices would be strongly opposed.
In conclusion, the OPSN called on the Senate to reconsider the amendment, urging lawmakers to preserve a governance structure that ensures full participation of all social partners and aligns with global labor standards. They warned that any unilateral action could negatively impact the welfare of Nigerian workers.