Sponsored by Oluwole Fasuyi, senator representing Ekiti
north, the bill seeks to repeal the NSITF act and the Employees’ Compensation
Act, merging both into a unified framework under the proposed Nigeria Social
Security Trust Fund (NSSTF).

Fasuyi said the measure is designed to harmonise existing
laws on social insurance and workers’ compensation to eliminate duplication,
enhance efficiency, and create a central institution for managing social
security in Nigeria.

The senator said the proposed law would harmonise existing
statutes on social insurance and employees’ compensation, eliminate duplication
of functions, and create a unified legal framework for managing social security
in Nigeria.

He said the bill seeks to ensure comprehensive protection
for workers in both the formal and informal sectors against workplace injuries,
disabilities, unemployment, retirement and other contingencies that threaten
their livelihood.

“The objectives of the bill are to harmonise existing laws
by consolidating the provisions of the Nigeria Social Security Trust Fund Act
and the Employees’ Compensation Act into one unified legal framework,” Fasuyi
said.

“It will establish the Nigeria Social Security Trust Fund as
a central institution for the management and administration of social security
funds in Nigeria.”

Fasuyi explained that the legislation would expand social
protection coverage, guarantee sustainable financing through pooled
contributions from employers, employees and government, and ensure
accountability and transparency by streamlining the governance structure.

He added that the bill aligns with international best
practices and labour standards under the International Labour Organisation
(ILO).

‘TIMELY BILL’

Adams Oshiomhole, senator representing Edo north and former
president of the Nigeria Labour Congress (NLC), seconded the motion for the
bill’s consideration.

“It is consistent with the president’s plan to reduce
agencies and overhead costs,” Oshiomhole said.

“It will ensure greater efficiency and make government run
effectively. I support this bill wholeheartedly and all the issues raised.”

Simon Lalong, senator representing Plateau south and former
minister of labour and employment, also threw his weight behind the proposal.

“As a former minister of labour and employment, I must say
this bill is timely. For those who understand workers’ compensation, this does
not need much debate,” Lalong said.

Diket Plang, senator representing Plateau central and
chairman of the senate committee on labour, said the bill would empower the
NSITF to punish defaulters and protect workers more effectively.

“In the previous law, there was no specified provision for
defaulters, making it difficult for NSITF to reprimand offenders,” Plang said.

“This bill will help the agency ensure workers are
compensated and protected in case of workplace injuries.”

Victor Umeh, senator representing Anambra central, said the
consolidation would simplify Nigeria’s labour laws.

“There is no need to have two laws. This bill will bring
them together and give us one act dealing with workers’ compensation in both
the private and public sectors,” Umeh said.

Senate President Godswill Akpabio commended Fasuyi for
sponsoring the bill before putting it to a voice vote.

The bill was then referred to the committee on labour and
employment to report back to the senate within four weeks.