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NSSF Releases Statement On Media Reports About Fund Operations

NSSF Releases Statement On Media Reports About Fund Operations

This week’s media has been awash with many controversies concerning the National Social Security Fund(NSSF) and its operations. Now, the body has released a statement on these media reports.

Allegations of corruption and mismanagement of NSSF flooded both mainstream and social media channels in the last few days. Another issue was the MD Richard Byarugaba who had reached the retirement age of 60. Apparently, he has also fully served his two terms.

According to the NSSF statement, the issues raised by the public are currently under scrutiny by the Inspectorate of Government. The body is therefore not at liberty to discuss them.

For issues of transparency and accountability, NSSF promised to update the public once the investigations are complete. The body added that the operations continue to run smoothly in spite of all this.

“We have taken note of reports circulating in the mainstream and social media about Operations and the ongoing process to appoint a substantive Managing Director of the National Social Security Fund (NSSF).

We inform members, stakeholders, and the public that the matters raised are subject to an ongoing investigation by the Inspectorate of Government. We are therefore not at liberty to discuss them at this point.

“In the spirit of transparency and accountability, we will inform members and the public on the next course of action upon the conclusion of the investigations. We reaffirm that the Fund is operating normally in the execution of the mandate.

The Fund continues to receive members’ contributions, make investments and pay benefits to qualifying members,” read part of the statement.

State Minister for Finance (General Duties), Henry Musasizi also appeared before Parliament saying that all is fine at NSSF. He said there is no need for panic and members’ savings are safe.

Meanwhile, the AG Managing Director Patrick Ayota also advised for the body to penetrate the informal sector.

This will in turn help to widen social security coverage. He also added that the Fund is “performing extremely well and making profits.”

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About Eninu William

Meet William, a seasoned news editor with a five-year experience in the fast-paced world of journalism. William's passion for storytelling and commitment to accuracy have propelled him through various roles. As a news editor, his responsibilities extend beyond just overseeing the day-to-day operations of a news team. He plays a crucial role in shaping the editorial direction of his publication, ensuring stories are not only timely and relevant but also adhere to the highest journalistic standards. With a finger on the pulse of current events and a deep understanding of the ever-evolving media landscape, William is always ahead of the curve.

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