NSITF Injects N1bn into Economy Through Workers’ Compensation Payouts

The Nigeria Social Insurance Trust Fund (NSITF), has said that it has boosted Nigeria’s economy with over N1 billion in compensation payments to employees and families of deceased workers — a move the agency describes as both an economic stimulus and a social investment. Managing Director and Chief Executive Officer, NSITF, Oluwaseun Mayomi Faleye, disclosed this during the Lagos International Trade Fair, noting that the payouts serve as a financial lifeline for 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).

“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.

Source: https://www.thisdaylive.com/2025/11/14/nsitf-injects-n1bn-into-economy-through-workers-compensation-payouts