N520m spent on claims, compensation in 6months –NSITF

N520m spent on claims, compensation in 6months –NSITF

From Adanna Nnamani, Abuja

The Nigeria Social Insurance Fund (NSITF), says it has disbursed N529,962,770.07 as compensation to about 69,045 claims of beneficiaries since July 2021.

NSITF Managing Director/Chief Executive, Dr. Michael Akabogu disclosed this while briefing journalists in Abuja on Wednesday. Akabogu broke down the details of the claims to include; 7,369 Medical Expenses Refunds; 2,720 Loss of Productivity to Employers and 24,670 Death Benefits to Next of Kin (NOK).

Other claims were 30,422 Disability Benefits to Employees; 3,792 Retirement Benefits. He said other medical treatments were 11 while 62 prosthesis were provided for those who lost their limbs.

The NSITF boss further vowed of the Fund’s commitement to creating pathways to widen the spread of its enrollee and most importantly, improve on and ensure prompt payments of claims and compensations to give value for money to all the Contributors in its Employee Compensation Scheme.

Akabogu also mentioned of the Fund’s efforts in advancing social security in various spheres of the nation’s economy to reduce unemployment which he blamed for the rising spate of insecurity in the nation.

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He listed some of the undertakings to include; provision of social protection through the agriculture; provision of social assistance through skill acquisition; provision of social assistance through skill acquisition as well as provision of social assistance through skill acquisition.

According to him, these were all ways to reposition the organisation and rid it of the negative image it had been bestowed by past managements.

He said: “We will also Increase the productivity of every Department of the Fund and use quantifiable metrics to measure our performance in the weeks and months ahead and ultimately reward excellent and outstanding service while maintaining upmost commitment to staff welfare.

“We are here today to put the spotlight on the strategic reforms and service delivery model of the Fund and what we are doing to ensure that the reforms are carried out. We are poised to chart a new course of action that will position the Fund in the positive light, away from the overwhelming series of bad press and setbacks owing to some of the past activities revolving around leadership failures, embezzlements, and misappropriation of funds. “I know there has been the circulation of accurate and inaccurate news reporting about the activities of the Fund in the previous years.

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