NSITF Board Chairman Vows To Protect Fund’s Independence

By Chinedu Echianu

The Chairman of the Management Board of the Nigeria Social Insurance Trust Fund (NSITF), Honourable Sola Olofin, has called for the safeguarding of the Fund’s independence in the face of regulatory overreach.

Speaking at the 69th Board Meeting of the Fund, held in Abuja, Honourable Olaofin raised concerns over the implications of the Finance Act 2021, particularly on the classification of contributions to the Fund.

He explained that the ongoing debate on whether NSITF contributions should be regarded as revenue under the purview of the Federal Inland Revenue Service (FIRS) has far-reaching implications on the autonomy, operations, and financial health of the Fund.

“The Finance Act 2021 has introduced changes with significant implications for NSITF. Of particular note is the conversation around whether contributions made to the Fund should be classified as revenue within the purview of the Federal Inland Revenue Service,” he stated.

Honourable Olofin urged the Board to support the Management, under the leadership of Barrister Oluwaseun Faleye, in strengthening the Fund’s policy stance on the matter to ensure that the statutory and social security objectives of the NSITF are not undermined.

He added: “As a Board, we have the duty to engage actively on this front — to ensure that our position is clearly articulated and that the peculiar nature of NSITF’s contributions, which are statutory and earmarked for specific social security objectives, is fully appreciated by policymakers and tax authorities.”

The Chairman further stressed the need for continued advocacy, backed by sound legal and policy arguments, to protect the Fund from regulatory overreach that may hinder its ability to meet its statutory obligations.

Welcoming members, Honourable Olofin noted that the meeting was not only a statutory requirement but also a demonstration of the Board’s collective commitment to managing the Fund in line with its enabling Acts, fiduciary duties, and the trust reposed in it by the President of the Federal Republic of Nigeria, the Honourable Minister of Labour and Employment, and Nigerian workers.