NSITF WANTS DIGITAL TRANSFORMATION TO ALSO IMPACT ON WORKERS' SOCIAL PROTECTION IN AFRICA. (PHOTO).

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 NSITF WANTS DIGITAL TRANSFORMATION TO ALSO IMPACT ON WORKERS' SOCIAL PROTECTION IN AFRICA The Nigeria Social Insurance Trust Fund has urged African businesses adopting Artificial Intelligence (AI) to link digital transformation directly with worker welfare and social protection. Speaking at the launch of a free Micro, Small, and Medium Enterprises (MSMEs) AI Master Training Programme at the UN House in Abuja, NSITF Managing Director, Oluwaseun Faleye, emphasized that technology alone cannot guarantee business resilience if workforce safety is neglected. The training programme, spearheaded by the ECOWAS Small Business Coalition alongside InnoPower LLC and the United Nations Development Programme (UNDP), aims to equip regional Micro, Small, and Medium Enterprises (MSMEs) with AI skills for production, marketing, and cross-border trade.
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RECOVER N10TRN PENSION FUND FROM FG- REPS DIRECT PENCOM. (PHOTO).

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Recover N10trn Pension Fund From FG - Reps Direct PenCom

House of Representatives has directed the National Pension Commission (PenCom) to recover the N10 trillion loan given to the Federal Government from the nation’s pension fund.

The House also resolved to investigate the status of pension fund assets of over N15.5trillion to ensure recovery of the loan. 

Adopting a motion by a member from Bauchi state, Aliyu Bappa-Misau, the House urged pension regulators to scrutinize the failure of Pension Fund Administrators (PFAs) in fulfilling their obligations on Retirement Saving Accounts.

The lawmaker stated that the Retirement Saving Accounts (RSAs) is the lifeline that pensioners rely upon to cater for their needs on retirement.

He expressed concern that most pensioners are unable to access their retirement funds, despite complying with the requirements of the scheme. 

The Lawmaker added that the inability of pensioners to access their pension has caused untold hardship to them, making it difficult for them to afford basic necessities.

“Neither the PenCom nor the PFAs have been able to reassure pensioners of getting their entitlements without stress. Modalities should be put in place to prevent a collapse of the scheme.

“The pension fund assets, which PenCom regulates, being the proceeds of the Contributory Pension Scheme and returns on investment, stood at more than 15.5trillion as at the close of the first quarter of 2023.

He said critical stakeholders have expressed concern that 65% of the pension funds (N10 trillion) loaned to the Federal Government was an investment which has exposed the contributors to unnecessary volatility.

According to him, the Federal Government may fail to pay back the loan in due time.

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