Overview

The Nigeria Social Insurance Trust Fund Act establishes the Nigerian Social Insurance Trust Fund (NSITF) and a Management Board to administer it. The Act is organized into nine parts covering establishment, management, coverage, contributions, benefits, inspections, penalties, financial provisions, and miscellaneous matters. Part I establishes the Fund and Board, with the Board as a corporate body responsible for fund control and investment. Part II details appointment of Managing Director, Executive Directors, and staff. Part III outlines coverage and exemptions. Part IV specifies contribution categories, monthly payments, penalties for non-compliance, and prohibits employers from reducing remuneration due to contributions. Part V lists benefit categories and conversion into credits. Part VI grants inspectors powers of entry. Part VII includes penalties, legal proceedings, and time limits. Part VIII covers estimates, expenses, investments, accounts, audit, and annual reports. Part IX addresses determination of liability, stamp duty exemptions, tax exemptions for benefits, tax deductibility of contributions, mergers, indemnity, scheme review, reciprocal agreements, regulations, repeal, savings, and interpretation. The Act was enacted in 1993 (No. 73) and commenced on 1st January 1992.

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