The Organised Private Sector of Nigeria (OPSN) has expressed deep concern over the Senate’s proposed amendment to the Nigerian Social Insurance Trust Fund (NSITF) Act, warning that the changes could erode transparency, accountability, and the welfare of Nigerian workers.
In a statement issued on Sunday in Abuja, the OPSN said the amendment—sponsored by the Senate Committee on Labour and Employment, chaired by Senator Diket Plang—would grant excessive control of the Fund to the Federal Government if passed into law.
The OPSN, which comprises the Manufacturers Association of Nigeria (MAN), the Nigeria Employers’ Consultative Association (NECA), the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), the Nigeria Association of Small and Medium Enterprises (NASME), and the Nigeria Association of Small ScaleIndustrialists (NASSI), described the move as “a serious threat” to the independence and sound governance of the Fund.
“These amendments threaten to fundamentally weaken the NSITF’s governance structure, erode accountability and transparency, and expose the Fund to undue political interference,” the OPSN said.
The organisation explained that the NSITF was established on a tripartite structure—representing government, employers, and labour—in line with International Labour Organisation (ILO) Conventions 102, 144, and 87, all ratified by Nigeria.
“These conventions require that social security institutions be managed with the full participation of social partners, protecting contributors and beneficiaries from unilateral control,” it stated.
The group warned that the proposed amendment would reduce employers’ and workers’ representation while expanding government dominance through political appointments.
“This approach undermines the principles of good governance, transparency, and accountability essential for managing social security funds effectively,” the OPSN added.
The organisation stressed that the current NSITF board serves as trustee of the Fund, ensuring prudent and transparent management of workers’ contributions. It warned that altering this structure could compromise the Fund’s autonomy and endanger workers’ benefits.
“Weakening this board with a politically dominated structure will erode the Fund’s autonomy, open doors to mismanagement, and jeopardise the security of millions of Nigerian workers,” the OPSN stated.
It called on President Bola Tinubu and Senate President Godswill Akpabio to intervene and halt what it described as “a dangerous legislative distraction.”
“The NSITF must not be politicised or weakened. Its governance should remain rooted in tripartism, transparency, and accountability as enshrined in ILO conventions,” the group said.
The OPSN further urged the Senate to focus instead on passing the long-delayed Labour Law Bill, which it said was crucial to modernising Nigeria’s labour and industrial relations system.
“The future of Nigeria’s social protection and industrial peace depends on upholding these principles and resisting any attempt to compromise the integrity of the NSITF,” the OPSN added.
