Joe Ajaero, NLC president
The organised labour and the Nigeria Employers’ Consultative Association (NECA) have rejected the proposed amendments to the Nigeria Social Insurance Trust Fund (NSITF) Act.
During a senate public hearing on Monday in Lagos, Joe Ajaero, president of the Nigeria Labour Congress (NLC), and the leadership of NECA described the bill as inconsistent with international standards and harmful to the sustainable governance of the fund.
They asked for the bill’s immediate withdrawal and called for tripartite consultations involving the government, employers, and workers.
The organisations said the amendments will not strengthen the NSITF as claimed, warning the changes could expose the fund to legal, administrative, and financial risks.
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It would also undermine the fund’s credibility and long-term stability, they said.
Adewale-Smatt Oyerinde, NECA’s director-general, expressed concerns regarding the purpose and content of the bill following the hearing.
“Our position remains that the foundation of this amendment is inconsistent with global best practice and key international labour organisation conventions,” Oyerinde said.
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“Weakening tripartite representation and centralising financial control in one office is a recipe for chaos in the social insurance system.”
The DG reiterated that NECA is not opposed to reforms but insisted that they must strengthen institutions, enhance transparency, and safeguard the fund’s long-term sustainability.
Oyerinde asked the national assembly to allow a tripartite review of the NSITF and Employee Compensation Act (ECA) Acts before drafting new legislation, saying a new bill should emerge from that process.
On October 21, the senate passed for second reading the bill that proposes the consolidation of the NSITF Act and the ECA into a single law.
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The NSITF backed the proposed Nigeria Social Security Trust Fund Bill, 2025, saying it will strengthen the country’s social protection system.
