The Tribune

EARYEL BOWLEG

Tribune Staff Reporter

ebowleg@tribunemedia.net

OPPOSITION Leader Michael Pintard has called on the government to repay funds borrowed from the National Insurance Board (NIB), citing the projected $75.5m budget surplus for the 2025–2026 fiscal year.

His comments follow revelations from Alfred Sears, the minister responsible for NIB, that the agency is projected to run a $32m deficit in 2025 — despite collecting an additional $4m monthly in contribution income since last year’s rate increase.

Mr Pintard criticised Prime Minister Philip “Brave” Davis for reportedly dismissing recommended reforms put forward by Mr Sears and his predecessor, aimed at shoring up the long-term sustainability of the fund.

“Listening to the minister is now a waste of time because the prime minister rebuts them anytime he thinks that public sentiment is not on his side,” Mr Pintard said.

“He should stand up and be bold and indicate what needs to happen with NIB in order to make sure that it is solvent.”

“He also needs to make sure that we collect the funds that are outstanding in the various government ministries, especially now that he claims that he has a surplus.”

In the House of Assembly, Mr Sears maintained that NIB is committed to a proactive collection strategy to ensure workers continue receiving benefits. He also noted that the agency is diversifying its investments in the United States.

As of April 2025, NIB’s investment portfolio was valued at $1.186 billion, with a yield of 3.9 percent — consistent with the return recorded in May 2025. This marked a decline from December 2024, when investments totalled $1.22 billion.

The investment rate of return in 2024 stood at 4.7 percent.

Investment income for 2025 was $55.5m, down $6.1m from the $61.6m reported in the previous year.

A 2022 actuarial review warned that the NIB fund could be depleted by 2028 unless urgent corrective measures are taken. Mr Sears previously disclosed that NIB contribution rates are scheduled to increase every two years Opposition leader Michael Pintard over the next two decades.