FRC Chairman Urges NSITF to Prioritize Timely Remittance of Operating Surplus to National Revenue Fund

By Iyojo Ameh

The Executive Chairman of the Fiscal Responsibility Commission (FRC), Victor Muruako, has called on the Nigeria Social Insurance Trust Fund (NSITF) to ensure the timely remittance of its operating surplus to the Consolidated Revenue Fund (CRF) in line with the Fiscal Responsibility Act (FRA) 2007.

Muruako made the call during a presentation by the NSITF Abuja Region on the Employees’ Compensation Scheme (ECS) to officials of the Commission at the FRC headquarters in Abuja on Wednesday.

In his remarks, Muruako commended the NSITF for its ongoing efforts in protecting Nigerian workers through social security and compensation programs. However, he stressed the importance of adhering strictly to fiscal discipline and transparency, which are essential for sustainable national development. “Our oversight mandate is not punitive,” Muruako stated. “It is designed to strengthen transparency, fiscal prudence, and corporate governance across all government-owned enterprises. We urge the NSITF to continue aligning its operations with these standards while improving service delivery to Nigerian workers and employers.”

The FRC Chairman reaffirmed the Commission’s commitment to fostering collaboration with agencies like the NSITF to ensure that social protection programs operate within the framework of fiscal responsibility, which will enhance accountability, trust, and efficiency in public financial management.

In response, Mr. Bello Collins, the leader of the NSITF delegation, reiterated the Fund’s commitment to workplace safety and employee welfare. He emphasized that the prevention of workplace injuries remains a primary focus of the Employees’ Compensation Scheme. “No one wants to sustain an injury or lose a life while working,” Collins said. “That is why the NSITF continues to prioritize occupational safety and health awareness as a key part of its mandate.”

Collins also outlined several ongoing initiatives by the Fund, including: Routine workplace inspections by Health, Safety, and Environment (HSE) officers to ensure compliance with safety standards; Nationwide Occupational Safety and Health (OSH) awareness programs reaching over 25,000 employers; Collaboration with the Federal Ministry of Labour and Employment and the Nigeria Employers’ Consultative Association (NECA) under the Safety at Work Intervention Project (SWIP), and active participation in the ongoing amendment process of the National Safety and Health Council Bill at the National Assembly.

He added that these initiatives align with the Fund’s broader vision of building a socially secure, economically empowered, and fiscally responsible Nigeria, in accordance with both national safety policies and the Fiscal Responsibility framework.

The FRC and NSITF will continue working together to ensure that Nigeria’s social protection programs adhere to fiscal responsibility standards, contributing to a more transparent, accountable, and efficient public financial system.