NSITF injects over N1bn into economy through workers’ compensation payouts
The Nigeria Social Insurance Trust Fund (NSITF) has disbursed over ₦1 billion in compensation to employees and families of deceased workers, providing a significant financial buffer for households affected by workplace accidents and occupational hazards.
NSITF Managing Director and Chief Executive Officer, Barrister Oluwaseun Mayomi Faleye, disclosed this during the Lagos International Trade Fair, describing the payments as both an economic and social investment. Represented by Mrs. Nkiru Ede Ogunnaike, Faleye emphasized that the payouts were not acts of charity but a fulfillment of the Fund’s financial obligation to Nigerian workers under the Employees’ Compensation Scheme (ECS).
“Compensation is not charity; it is justice, empowerment, and nation-building,” Faleye said. “Each payment represents stability for families, liquidity for the economy, and confidence for Nigeria’s workforce.”
The over ₦1 billion disbursed covers cases across sectors including oil and gas, manufacturing, finance, and public service — signaling the Fund’s growing fiscal footprint in Nigeria’s social protection landscape.
Breakdown of Key Financial Disbursements
Some of the Fund’s major compensation outflows include:
Depthwize (Oil & Gas) – ₦42.5 million lump sum and ₦2.02 million monthly benefits to beneficiaries.
Nigerian Breweries Plc – ₦76.1 million paid so far, with ₦1.58 million continuing monthly till 2034.
Mobil Producing Nigeria Plc – ₦93.9 million paid, with monthly benefits of ₦1.1 million till 2032.
Indigo Drilling – ₦320.4 million disbursed to multiple beneficiaries.
Nigeria Customs Service – ₦484.2 million paid to 39 employees.
Nestlé Nigeria Plc – ₦31.1 million paid for medical and disability benefits, with further payments ongoing.
Faleye noted that the Fund’s compensation activities have a multiplier effect on the economy — sustaining consumption, preserving productivity, and enhancing financial inclusion for affected families.
A Financial Safety Net for Nigeria’s Workforce
Through the tripartite partnership between government, employers, and employees, NSITF’s Employees’ Compensation Scheme provides a structured mechanism for financing workplace-related risks. Employers contribute to the Fund, which in turn ensures prompt payment of benefits and medical refunds.
“Every naira paid by the NSITF translates to economic resilience,” Faleye said. “These funds circulate back into the economy — paying school fees, covering healthcare, and maintaining livelihoods.”
Towards a Sustainable Compensation System
Faleye reaffirmed the Fund’s commitment to modernizing payment systems, improving claim processing efficiency, and expanding coverage across Nigeria’s workforce.
He called on all employers to comply with ECS contributions, describing compliance as both a legal duty and an economic strategy to protect corporate productivity and national stability.
“A society that protects its workers is a society that prospers,” he concluded. “Through financial justice, we are building a stronger and more inclusive economy.”
