The Managing Director and Chief Executive of the Nigeria Social Insurance Trust Fund (NSITF), Mr. Oluwaseun Faleye, has stated that individual ownership of retirement planning cannot replace institutional responsibility. He made this statement at the Policy Dialogue session of the 2026 National Pre-Retirement Summit in Abuja. The summit's theme was "Own Your Retirement: From Planning to Action." Faleye emphasized that retirement security is built during working life, not at the point of exit from service.
Faleye noted that the question of social protection is what citizens are promised in law and what they actually experience in real life. He highlighted that when speaking about retirement, it is essential to begin much earlier than the point at which work ends. According to him, retirement security is shaped during working life by occupational risks, health, protection of earning capacity, compensation when harm occurs, and what happens to families when a breadwinner is lost.
The NSITF boss disclosed that as of July 2026, more than 7.6 million workers were enrolled under the Employees' Compensation Scheme (ECS), which NSITF administers. He added that the current figure has risen to over 7.8 million. The ECS protects workers against employment-related injury, occupational disease, disability, and death, while providing compensation, survivor protection, medical care, rehabilitation, and return-to-work support.
Faleye explained that the Fund is moving from isolated registration exercises toward sustained participation and compliance through partnerships with Federal institutions, State Governments, regulators, employers, and organizations in the informal economy. He described the onboarding of Treasury-funded Federal MDAs as particularly significant, revealing that within less than four months of the integration process, claims payments have commenced.
The NSITF Chief Executive stressed that registration alone is not protection, adding that compliance must deliver real protection by connecting registration and assessment to contributions, accurate worker information, claims, and timely benefit payment. He emphasized that the family must remain visible in social protection design, noting that when a worker dies from an employment-related incident, survivors' and dependents' benefits become critical.
Faleye listed NSITF's position as: retirement security begins during working life; coverage must mean effective protection, not merely registration; prevention and compensation must work together; families and dependents must remain part of protection design; and individual ownership complements but does not replace public and employer responsibilities. He concluded that for the Nigerian worker, social protection must be more than a statutory promise on paper.
The summit had in attendance the Honourable Minister of Labour and Employment, the Chairman of National Pension Commission, President of Nigeria Labour Congress, Director-General of Bureau of Public Service Reforms, and the Director-General of National Senior Citizens Centre, amongst other stakeholders. Faleye disclosed that the average claims turnaround has improved to 10 days from 14 days, adding that the next task is to deepen coverage, strengthen compliance, and improve institutional coordination.
Key points
- NSITF covers 7.8 million workers under the Employees' Compensation Scheme.
- Retirement security is built during working life, not at the point of exit from service.
- NSITF aims to deepen coverage, strengthen compliance, and improve institutional coordination.
