The Nigeria Social Insurance Trust Fund NSITF has faulted the claim by the National Assembly that the agency owes the Federal Government N3.8 billion non-remittance of Operating Surplus Funds.
The NSITF General Manager, Corporate Affairs Ijeoma Okoronkwo, made this known in a statement made available to newsmen in Abuja.
The House of Representatives Ad-hoc Committee on Unclaimed Funds recently said the agency owed the Federal Government 3.8 billion naira in respect of non-remittance of Operating Surplus Funds between 2013 and 2020.
According Okoronkwo, being a social security agency, which is currently majorly funded from contributions of private sector employers to procure cover on behalf of their employees, can not be described as revenue.
She said that the balance in the agency account was meant to be invested in line with section 32 of the Employee Compensation Act 2010.
