The Nigeria Social Insurance Trust Fund (NSITF) says it has injected over N1 billion into the Nigerian economy through compensation payments to employees and families of deceased workers — an intervention the agency describes as both an economic boost and a critical social safety net.
NSITF Managing Director and Chief Executive Officer, Oluwaseun Mayomi Faleye, stated this at the Lagos International Trade Fair, explaining that the payouts provide essential financial support to households affected by workplace accidents and occupational hazards.
Represented by Mrs. Nkiru Ede Ogunnaike, Faleye emphasised that the payments were not acts of benevolence but the fulfillment of the Fund’s statutory obligation under the Employees’ Compensation Scheme (ECS).
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“Compensation is not charity; it is justice, empowerment, and nation-building,” Faleye stated. “Each payment represents stability for families, liquidity for the economy, and confidence for Nigeria’s workforce.”
The NSITF said the N1 billion disbursed covered cases across diverse sectors including oil and gas, manufacturing, finance, and public service, reflecting the Fund’s growing role in Nigeria’s social protection framework.
President of the Lagos Chamber of Commerce and Industry (LCCI), Mr. Gabriel Idahosa, praised the NSITF for its long-standing partnership with the Chamber, particularly in supporting the Lagos International Trade Fair.
He commended the Fund for discharging its duties transparently and for offering relief to families who have lost loved ones in the line of duty, urging its leadership to sustain these efforts.
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