Business
NSITF did not “reject” 40% deduction of employers’ contributions by finance ministry.
The Nigeria Social Insurance Trust Fund (NSITF) has explained that the Fund did not at any time “reject” 40 % deduction of Employers’ contributions by Finance Ministry as erroneously reported in a section of the press.
“The NSITF has no such powers as the management of the Fund is fully aware of the circular on Presidential Directive on 50% Automatic Deduction from Internally Generated Revenue of Federal Government Owned Enterprises”
What the Managing Director of the NSITF, Maureen Allagoa stated in her New Year message is a reiteration of an appeal earlier made to the former Minister of Labour and Employment, Simon Lalong on 3rd October 2023 for a review of the inclusion of the NSITF in the Fiscal Responsibility and Finance Act of 2020 in view of its special status as a non-treasury funded agency, holding contributors money in trust.
For the avoidance of doubt, this is what the Managing Director’s statement released on New Year Day stated:
“The NSITF stands at the threshold of social and economic change, and poised to overcome its challenges as the custodian of social security.
“Amidst our accomplishments, we are grappling with challenges impeding the fulfillment of our mandate, one of which is the deduction of 40% amounting to N1.4bn from employer contributions by the Ministry of Finance as an operating surplus in line with the Fiscal Responsibility and Finance Act of 2020, despite the fact that the NSITF is not a revenue-generating agency.
“The NSITF is a tripartite agency holding funds-contributions in trust for the benefits of employees under the ECS and without an operating surplus. The NSITF is also not treasury-funded and does not draw from the Consolidated Revenue Fund of the Federation and therefore seeks for a review and removal from the schedule of the Fiscal responsibility Act.”
Speaking further on the Fund’s agenda for the New Year, Allagoa said that the poverty reduction agenda of the Tinubu administration has a direct bearing on the mandate of the NSITF.
“The NSITF will tap into areas of the ILO Convention 102 on old age benefits, unemployment and family benefits as well as expand the agency’s corporate social responsibility programmes on skills acquisition and empowerment in line with the Eight Point Agenda of the Tinubu administration.
She added that the Fund will create new branches and service centres in 2024 to expand social services to the doorstep of all Nigerians in line with the social inclusion standards of the ILO Convention 102, adding that the agency will consolidate its 2023 achievements while expanding the percentage of the population protected by social security scheme.
“We are expanding our operations into the informal sector and other unreached areas in dire need of our services so as to save more people from lacerating social conditions.
“We will create new branches to this end as well as build service delivery centers to be activated in select regions as pilot, in the first quarter of 2024. The focus is to reach Nigerians in the remote hinterland while reducing commuting distance for our staff members.”
Dangote Petroleum Refinery has announced a reduction in the ex-depot (gantry) price of Premium Motor Spirit (PMS), commonly referred to as petrol, by N30.00, from N850 to N820 per litre, effective from 12th August 2025.
According to a statement released by Anthony Chiejina, Group Chief Branding and Communications Officer of Dangote Refinery, they assure the public of a consistent and uninterrupted supply of petroleum products as part of its unwavering commitment to national development”.
He said, “In line with their dedication to operational excellence and sustainable energy solutions, Dangote Petroleum Refinery will commence the phased deployment of 4,000 Compressed Natural Gas (CNG)-powered trucks for fuel distribution across Nigeria, effective August 15, 2025.
The Dangote Petroleum Refinery has firmly dismissed recent reports alleging a shutdown of its operations, reassuring the public and market stakeholders that its activities remain fully active and stable.
In an official statement by the Group Chief Branding and Communications Officer, Anthony Chiejina, the refinery’s management categorically denied claims that truck loading has been suspended or that production has been interrupted. “The Dangote Petroleum Refinery is fully operational. There has been no shutdown, nor has there been any suspension of truck loading activities” the statement reads.
The refinery also clarified that the intermittent sale of Residual Catalytic Oil (RCO) is part of normal business operations, often involving large parcel sales, which explains the recent fuel oil tender.
According to the management, Dangote Petroleum Refinery consistently supplies over 40 million litres of PMS daily, alongside steady volumes of Automotive Gas Oil (diesel). These supplies continue unabated, despite speculation suggesting otherwise.
“As the world’s largest single-train petroleum refinery, the facility employs advanced predictive and preventive maintenance protocols to ensure uninterrupted operations. Routine maintenance activities are standard and do not impact the overall fuel supply” the statement further clarified.
In response to speculation about potential supply shortages and price increases, the refinery challenged those sponsoring the rumour to place orders for daily deliveries of up to 40 million litres of PMS and 15 million litres of diesel for the next 90 days.
“To those who believe this misinformation and anticipate a bullish market, we extend a challenge: We invite interested buyers to place immediate orders for up to 40 million litres of PMS daily and 15 million litres of AGO daily, for the next 90 days, with full upfront payment. Should any supposed supply shortage occur, these buyers would be well-positioned to benefit from the predicted market rise,” it added.
The refinery reaffirmed its commitment to transparency and Nigeria’s energy security, urging the public to disregard unfounded rumours sponsored by unscrupulous and unpatriotic individuals seeking to undermine the country’s energy independence for their own selfish interests, including the importation of substandard fuels under the false pretext of domestic supply shortages.
Ikeja Electric has released updated prices for prepaid meters, which take effect from August 6, 2025. The revised rates cover both single-phase and three-phase meter types and are inclusive of VAT.
The revised rates were announced on the disco’s official X account on Friday.
The company announced that “MBH Power Ltd’s one-phase costs ₦135,987.50, while the three-phase costs ₦226,825.00. Turbo Energy Ltd’s one-phase costs ₦145,608.75, while the three-phase costs ₦236,903.13.
“Aries Electric Ltd’s one-phase costs ₦145,125.00, and the three-phase costs ₦258,000.00. Mojec Asset Management Company Ltd’s one-phase costs ₦135,718.75, and the three-phase costs ₦226,825.00.
“Paktim Metering Nig. Ltd, the one-phase meter costs ₦137,600.00, while the three-phase meter costs ₦233,275.00. Holley Metering Ltd’s one-phase meter costs ₦133,854.03, three-phase meter costs ₦219,497.09.
“CIG Metering Assets Nigeria Ltd’s one-phase meter costs ₦150,500.00, New Hampshire Capital Ltd’s one-phase meter costs ₦133,300.00 and the three-phase costs ₦231,125.00.”
The electricity distribution company noted that the prices are “valid subject to meter availability,” adding that the changes are part of its effort to ensure customers have access to up-to-date information on meter procurement.
The company also assured customers that the new pricing reflects the latest approved rates for meter providers under its Meter Asset Provider scheme.
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