It had earlier been reported that the Managing Director of the NSITF, Maureen Allagoa, in her New Year speech, protested the Ministry of Finance’s 40% operating surplus deduction of N1.4 billion from employers’ payments, which was made in accordance with the Fiscal Responsibility and Finance Act of 2020, even though NSITF is not a revenue-generating organisation.
In a statement released by the General Manager for Corporate Affairs, Nwachukwu Godson, the Fund emphasised that Allagoa, in her speech, reiterated an earlier request made on October 3, 2023, to Simon Lalong, the former Minister of Labour and Employment, for a review of the NSITF’s inclusion in the Fiscal Responsibility and Finance Act of 2020. This request was made in light of the NSITF’s unique status as a non-treasury funded organisation that holds contributors’ money in trust.
