The Organized Private Sector rejects proposed changes to the NSITF Act currently before lawmakers.
They insist political control would threaten transparency and put workers’ savings at serious risk.
The Organized Private Sector of Nigeria has kicked against the proposed amendment to the Nigeria Social Insurance Trust Fund Act. It said the plan by the Senate would hand political control to government officials and undermine the protection of workers’ funds.
The group is made up of the Manufacturers Association of Nigeria, the Nigeria Association of Chambers of Commerce, Industry, Mines and Agriculture, the Nigeria Employers’ Consultative Association, the Nigeria Association of Small and Medium Enterprises, and the Nigeria Association of Small Scale Industrialists.
In a letter to the Senate President, signed by the heads of the five organizations, the OPSN asked lawmakers to suspend the amendment process which has already passed second reading. The group said the plan would break the tripartite system that guides the Fund and goes against global labour standards.
According to the organizations, the NSITF was built on equal input from government, employers, and workers to protect contributors and reduce political influence. They said the amendment would cut the role of those who fund and benefit from the scheme while giving government appointees more control.
“The amendments threaten to weaken the NSITF governance structure and expose the Fund to political interference,” the letter stated.
The group also noted that the Fund’s board serves as a watchdog over contributors’ resources. It warned that replacing a balanced board with political nominees would reduce transparency and put workers’ savings at risk.
It stressed that the NSITF is the only body empowered to manage the Employees’ Compensation Act. It added that creating any parallel system would lead to confusion and could result in mismanagement.
The OPSN expressed disappointment that the Senate is working on a law that is not urgent while the Nigeria Labour Law Bill remains pending. It said the bill is important for improving workplace safety, dispute resolution, and workers’ rights.
The private sector group urged President Bola Ahmed Tinubu and the Senate President, Godswill Akpabio, to step in and stop the amendment process. They said maintaining the existing structure is necessary for trust and accountability in the country’s social protection system.
The letter added that the OPSN is willing to continue supporting the government and labour to strengthen institutions that protect workers and keep industrial peace.
