Stakeholders Oppose Repeal of NSITF Act, Citing Worker Protection Concerns

Stakeholders, such as the Nigeria Labour Congress (NLC) and Nigeria Employers' Consultative Association (NECA), are against the proposed bill to repeal the Nigeria Social Insurance Trust Fund (NSITF) Act. The draft legislation has triggered objections from labor and the private sector, warning that it could weaken worker protections and lead to a crisis in the social security system.

During a public hearing at the Senate, NLC and NECA representatives demanded the withdrawal of the bill, expressing worries about the potential negative impact on worker rights and the tripartite governance structure. The bill aims to replace the existing NSITF Act with the Nigeria Social Security Trust Fund Act 2025, but stakeholders argue that it undermines long-standing conventions and grants excessive power to fund managers.

NLC President Comrade Joe Ajaero criticized the lack of adequate consultation with workers and employers, emphasizing the need to strengthen implementation rather than weaken safeguards.