The National Pension Commission (PenCom) and the National Union of Road Transport Workers (NURTW) have begun discussions on a partnership aimed at bringing about nine million transport workers into Nigeria’s pension system.
The plan was unveiled during a meeting between NURTW President, Alhaji Musiliu Akinsanya (MC Oluomo), and PenCom Director-General, Ms Omolola Oloworaran, in Abuja.
The proposed partnership seeks to expand pension coverage among transport workers in the informal sector while improving access to modern mass-transit vehicles through structured financing arrangements.
Three Key Proposals
According to Akinsanya, the union has proposed a three-part framework to drive the initiative.
The first proposal involves the mass enrolment of transport workers into the Personal Pension Plan (PPP), while the second seeks to establish an automated daily pension contribution system linked to existing transport revenue platforms.
The third proposal is the National Transport Workers Mobility Enhancement Programme, designed to assist operators in acquiring modern vehicles.
Financing Modern Vehicles
The programme will involve development finance institutions, commercial banks and other stakeholders. Under the proposal, daily transport revenues will be used to repay vehicle loans and fund workers’ pension accounts.
Akinsanya said, “The model would improve loan repayment and encourage long-term savings”.
PenCom Director-General Omolola Oloworaran welcomed the proposal. She said the initiative could significantly boost pension inclusion in the informal sector. She also described it as “a step toward broader economic development”.
Oloworaran said PenCom is ready to work with the union and other stakeholders to implement the programme.
She noted that expanding pension coverage remains a key priority for the commission.
According to her, the initiative aligns with the Federal Government’s Renewed Hope Agenda on social protection, financial inclusion and poverty reduction.
Expected Benefits
PenCom described the proposal as one of the most ambitious pension inclusion efforts in Nigeria’s informal sector.
If implemented, it could expand the pension contributor base and improve retirement security for millions of transport workers.
Both organisations expressed confidence that the partnership could become a national model with wide-reaching economic and social benefits.
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