A comprehensive and sustainable Social Security system has become imperative in any economy to tackle the various socio-economic challenges plaguing the entire world. Poverty, social and economic exclusion and the attendant consequences that result from political, social and economic challenges and threats, make articulate, well focused and coordinated social Security System a prime necessity.
For effectiveness, such system should conform to certain basic principles. Benefits should be secure and non-discriminatory; and schemes should be managed in a sound and transparent manner, with administrative costs as low as practicable and a strong role for the social partners. Public confidence in confidence in social security system is a key factor for their success. For confidence to exist, good government is essential. (ILO 2001, social Security: A New Consensus.
In an effort to invigorate the National social Security System, the Federal Government through the Honourable Minister of Labour, inaugurated the national Working Committee (NWC) on Social Security Policy for Nigeria led by General Yakubu Gowon GCFR. The outcome was the establishment of Social Security Department to promote a coordinated and holistic approach to social security. The policy drafted by the NWC was in line with ILO convention 102, to provide a framework for international best practices based on set minimum standards. The draft policy is expected to provide the poor, weak and vulnerable equitable access to Medical Care, Sickness, Unemployment, Old Age, Employment, family, maternity, Invalidity and Survivor’s Benefit. The department collaborates with stakeholders to regulate a well-focused, coordinated and effective National Social Security System.