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.”
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Business
Obasanjo: “Aliko Embarrass Me”
He got all his workers together in that refinery and said, without telling me, and there, said…
Former President of Nigeria, Olusegun Obasanjo, has described Aliko Dangote as his “boss”, crediting the businessman’s industrial achievements to the policies and encouragement provided by his administration.
Obasanjo said this while speaking at the groundbreaking ceremony of the Dangote East Africa Refinery in Lamu, Kenya, where he recalled his recent visit to the Dangote refinery and the businessman’s acknowledgement of the role he played in his transition from cement importation to production.
He said, “About two months ago, three months ago, I visited the refinery which you visited last week. And I just couldn’t stop being surprised what Aliko did. But then Aliko embarrassed me.”
According to Obasanjo, Dangote had gathered his workers during the visit and publicly attributed part of his success in cement production and the eventual development of his refinery to the policies and encouragement of the former president.
He said, “He got all his workers together in that refinery and said, without telling me, and there, said, all of you working here, all of you, the man you have to thank is this man, that’s me. I didn’t have anything to do with his refinery or what it is.
He said, without this man, I would not have been in cement production.“And it is the cement production that provided the encouragement, the inspiration for the refinery. So, thank you. They all shouted and thanked me.”
Obasanjo said Dangote had expanded the opportunities created by his administration beyond Nigeria, particularly through cement production across Africa, and was now replicating the model in the petroleum refining sector.
“May God continue to expand your coast. And you are my boss. You will continue to be my boss.”
Business
Minister Tasks Charcoal Merchants on Sustainable Forestry
The minister gave the charge at the flag-off of the 2026 Operation One Million Trees Tree Planting Programme organised by the Association for Forest Conservation and Green Industrial Charcoal Merchants at the Faculty of Renewable Natural Resources, University of Ibadan.
•Charcoal merchants and other stakeholders in the forestry sector
The Minister of Environment, Balarabe Abass Lawal, has charged charcoal merchants and other stakeholders in the forestry sector to embrace sustainable practices and support the federal government’s efforts to reverse deforestation and restore Nigeria’s degraded forest landscapes.
The minister gave the charge at the flag-off of the 2026 Operation One Million Trees Tree Planting Programme organised by the Association for Forest Conservation and Green Industrial Charcoal Merchants at the Faculty of Renewable Natural Resources, University of Ibadan.
The programme, which brought together forestry practitioners, charcoal merchants, environmentalists, students, regulators and other stakeholders, is aimed at promoting afforestation and encouraging responsible management of Nigeria’s forest resources.
Speaking at the event, the minister described tree planting as one of the most practical measures for combating climate change, reversing deforestation, restoring biodiversity, controlling desertification and strengthening the resilience of the nation’s ecosystems.
The Chairman of the Association for Forest Conservation and Green Industrial Charcoal Merchants, Mr Adeshola Adebowale Idowu, emphasised that the event carried a clear message for everyone involved in the charcoal business and, indeed, every Nigerian.
Idowu said stakeholders should develop the habit of replacing trees removed from the environment, encouraging Nigerians to plant trees around their homes and communities.
He advocated a practice of planting several trees for every tree cut down, stressing that trees remain indispensable to human existence because many products used by society are derived from them
( THISDAY)
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