A broad Coalition of Civil Society Organizations (CSOs) who participated in the recent public hearing on the National Social Security Trust Fund (NSSTF) Bill organised by Senate Committee on Employment, Labour and Productivity, has expressed deep concern over disturbing developments surrounding the legislative process. The coalition said it has become aware of credible reports that the management of the Nigeria Social Insurance Trust Fund (NSITF) allegedly hired and sponsored certain CSOs to speak in support of their position at the hearing.
According to the coalition, this alleged sponsorship was a deliberate attempt to weaken and strangulate the statutory role of the Governing Board, while simultaneously empowering the management to operate without adequate oversight. The group lamented that such actions, clearly point to an agenda aimed at giving management the unchecked freedom to mismanage and possibly divert the resources of the Fund, a pattern that has been associated with past leadership of the NSITF.
The coalition further warned against the proposed removal of the Securities and Exchange Commission (SEC) from the Governing Board of the NSSTF. They described the move as a dangerous red flag that only reinforces suspicions of an orchestrated plan to compromise transparency and accountability in the management of the Fund.
According to the coalition:
“Taking SEC out of the Governing Board is not only illogical but amounts to an open confirmation of the organization’s plan to mismanage the Fund. SEC plays a critical regulatory role, and removing them at a time when Nigeria is struggling with limited financial resources raises serious concerns about the intentions behind the bill.”
The coalition aligned its concerns with the positions already taken by the Nigeria Labour Congress (NLC) and the Nigeria Employers’ Consultative Association (NECA), both of whom have publicly demanded that the bill be stepped down due to the sensitive issues surrounding it.
The coalition warned that if these critical red flags are not properly addressed by the National Assembly, they will be left with no other option but to embark on a massive, peaceful protest to drive home their concerns and protect the integrity of Nigeria’s social security system.
The group emphasized that the future of the Fund, the confidence of Nigerian workers, and the credibility of social protection institutions must not be jeopardized by actions that appear to prioritize personal or organizational interests over national interest.
