Social security is investment in people, state, says NSITF MD

Abubakar, who spoke to reporters recently, commended President Goodluck Jonathan for changing government’s mindset on the place on social security in a democracy.He said, “In the past, the issue of funding social security had always scared governments, thinking that investment in this area is wasteful; the present administration of President Goodluck Jonathan has realized that […]

Abubakar, who spoke to reporters recently, commended President Goodluck Jonathan for changing government’s mindset on the place on social security in a democracy.
He said, “In the past, the issue of funding social security had always scared governments, thinking that investment in this area is wasteful; the present administration of President Goodluck Jonathan has realized that social security is not a social cost but an investment in people and the state, with attendant benefits like poverty reduction or eradication or prevention, improved quality of work and life, national social cohesion and peace, nation building and state security.”
He added that the administration has made a paradigm shift from the belief that social security is costly and not affordable, to taking a bold step in enacting the amendment to NSITF Act of 1993, which now covers such areas as unemployment benefits and social pension or assistance to the aged, children and other vulnerable groups.”
Abubakar also stressed that the extended mandate of the NSITF as contained in the new amendment to its Act, which is awaiting President Jonathan’s assent, is aimed at extending social protection to more vulnerable groups.
On her part, Board Chairman of the NSITF Mrs Ngozi Olejeme said that the extension of the fund’s mandate indicates the determination of President Goodluck Jonathan to drive an enlarged social security that includes the aged, children, unemployed youths and other vulnerable members in the society.