The Senate has passed for second reading a bill to repeal the Nigeria Social Insurance Trust Fund (NSITF) Act and the Employees’ Compensation Act, and to enact the Nigeria Social Security Trust Fund Act, 2025. The legislation aims to provide comprehensive protection for employees in both formal and informal sectors against workplace injuries, disabilities, unemployment, retirement, and other livelihood-threatening contingencies.
The bill, sponsored by Senator Cyril Fasuyi (APC, Ekiti North), seeks to consolidate the provisions of the two existing acts into a single legal framework and establish the Nigeria Social Security Trust Fund.
Senator Fasuyi explained that the consolidation would harmonize existing social insurance laws, eliminate duplication, and create a unified framework for the management of social security in Nigeria. “The objectives of the bill are to harmonize existing laws, establish the Social Security Trust Fund as a central institution for administration and disbursement, and expand social protection coverage for all workers,” he said.
The legislation also guarantees sustainable financing by sourcing contributions from employers, employees, the government, and other approved channels to ensure effective social security management.
Senator Adams Oshiomhole (APC, Edo North) noted that the bill would clarify management and administration of social security, reduce overheads, and prevent internal conflicts between agencies.
Following the second reading, Senate President Godswill Akpabio referred the bill to the Committee on Labour, Employment and Productivity for further legislative input, with a report expected in four weeks.
