Managing Director and Chief Executive of the Nigeria Social Insurance Trust Fund (NSITF), Mr Oluwaseun Faleye, has emphasized the importance of early retirement planning for workers. 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 highlighted that retirement security is built during working life, not at the point of exit from service.
Faleye noted that individual ownership of retirement planning cannot replace institutional responsibility. He stressed that a worker who remains healthy, productive, and protected has a different pathway into old age from one who suffers disabling injury or premature death without adequate protection. According to him, pensions and savings are indispensable but do not tell the whole story. The NSITF MD emphasized that social protection is what citizens are promised in law and what they actually experience in real life.
The Employees' Compensation Scheme (ECS), administered by NSITF, is part of the retirement and social protection continuum. It protects workers against employment-related injury, occupational disease, disability, and death, while providing compensation, survivor protection, medical care, rehabilitation, and return-to-work support. As of July 2026, more than 7.6 million workers were enrolled under the Scheme, with the current figure rising to over 7.8 million.
Faleye disclosed that the Fund is moving from isolated registration exercises toward sustained participation and compliance. This is being achieved through partnerships with Federal institutions, State Governments, regulators, employers, and organizations in the informal economy. The onboarding of Treasury-funded Federal MDAs is particularly significant, with claims payments commencing within less than four months of the integration process.
The first batch of five Treasury-funded MDA beneficiaries was paid on 4 August 2026. Faleye described this as a significant step in turning Federal Civil Service protection into a lived reality. He stressed that registration alone is not protection, and compliance must deliver real protection by connecting registration and assessment to contributions, accurate worker information, claims, and timely benefit payment.
Faleye emphasized that the family must remain visible in social protection design. When a worker dies from an employment-related incident, survivors' and dependents' benefits become critical. The system must be visible at the point of vulnerability, with claims administration, documentation, communication, and inter-agency referrals designed around the beneficiary's experience, with compassion, clarity, and timely resolution.
The NSITF MD disclosed that the average claims turnaround has improved to 10 days from 14 days. The next task is to deepen coverage, strengthen compliance, and improve institutional coordination. Faleye concluded that a worker can plan for retirement only when the system is credible enough to plan with. He highlighted that retirement planning should begin much earlier than the point at which work ends.
Key points
- Retirement planning should start during working life, not at exit point.
- NSITF has enrolled over 7.8 million workers under the Employees' Compensation Scheme.
- Average claims turnaround has improved to 10 days from 14 days.
