FINANCE Minister Colm Imbert has said UNC claims of an imminent collapse of the National Insurance Board (NIB) were a ridiculous fantasy created in their minds.

Making this statement in the House of Representatives on Monday, Imbert upset UNC MPs when he accused them of using a World War II propaganda tactic called "the big lie."

The big lie, an expression created by Third Reich leader Adolf Hitler in his book Mein Kampf, refers to "a gross distortion or misrepresentation of the truth, used especially as a propaganda technique."

Despite howls of protest from UNC MPs, Imbert told them, "This is very relevant."

He said a question from Caroni Central MP Arnold Ram, claiming the NIB was facing imminent insolvency, was based on a completely false premise.

Speaker Bridgid Annisette-George reminded all MPs that the word "lie" is unparliamentary.

Imbert obeyed Annisette-George's ruling, saying, "If I have to withdraw the word 'lie,' I most certainly will."

Oropuche East MP Dr Roodal Moonilal objected as Imbert tried to give his response and asked about "this theory of big lie."

Annisette-George repeated her reminder about the word lie being unparliamentary and Moonilal withdrew his remark.

Imbert said, "This question is based on a totally false premise. It speaks to the impending insolvency of the NIB. That is an absurdity."

He told MPs the National Insurance System (NIS) "currently stands at almost $28 billion."

Last year, Imbert said the NIS "generated returns of approximately $1 billion and National Insurance was required to pay out approximately $1 billion, leaving the fund intact at approximately $28 billion."

If nothing is done at this point in time, he said, "It is estimated that the fund will be depleted in 2043. It's a false premise."

Couva South MP Rudranath Indarsingh asked Imbert if he approved any decision "to dispose of NIB's assets to generate revenue to sustain the NI."

Imbert said, "That is not a matter for the minister (of finance). That is a matter for the NIB, which has $28 billion in assets."

After reiterating the NIS would be depleted in 2043 if nothing is done, Imbert said, "This is a complete fantasy being prompted by the other side. A ridiculous fantasy."

He reminded MPs that he gave an update on the status of the NIB in a statement in the House on June 25..

In that statement, Imbert said Imbert said NIB's annual report for the year ended June 30, 2020, showed the number of contributors in the NIS during 2020 was 404,197, declining by four per cent from 420,638 in 2019.

The number of beneficiaries increased by 0.9 per cent to 204,613 from 202,800 last year.

Contribution income collected for the 2020 financial year was approximately $4.69 billion, decreasing by 0.44 per cent from the $4.71 billion earned in 2019.

The administrative cost for the 2020 period was $251.2 million, increasing by 14.3 per cent from $219.7 million in 2019 and the net yield of the investment portfolio for the 2020 period was 4.4 per cent, compared to 8.1 per cent in 2019.

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