The National Pension Commission (PenCom) and the National Union of Road Transport Workers (NURTW) have commenced discussions on a strategic partnership aimed at bringing an estimated nine million transport workers into the Personal Pension Plan (PPP) under Nigeria’s Contributory Pension Scheme (CPS).
The initiative was unveiled during a courtesy visit by the National President of the NURTW, Alhaji Musiliu Akinsanya, popularly known as MC Oluomo, to the Director General of PenCom, Ms. Omolola Oloworaran, at the Commission’s headquarters in Abuja.
The meeting, attended by senior officials from both organisations, focused on expanding pension coverage for transport workers in the informal sector while exploring innovative financing options to facilitate the acquisition of modern mass-transit vehicles across the country.
Speaking during the engagement, Akinsanya noted that the union’s extensive nationwide structure and its estimated membership of nine million transport workers operating in motor parks, logistics corridors, interstate routes and urban transport networks present a unique opportunity to deepen pension participation and financial inclusion.
Deployment of Automated Pension
He said that the union had proposed a three-pronged partnership framework comprising the mass enrolment of transport workers into the Personal Pension Plan, the deployment of an automated daily pension contribution system integrated into existing transport revenue collection platforms, and the establishment of a National Transport Workers Mobility Enhancement Programme.
According to him, the proposed programme is designed to improve access to modern vehicles through structured financing arrangements involving development finance institutions, commercial banks and other stakeholders.
Daily Collections
Under the proposed model, daily collections from transport operators would be channelled through existing union structures to service vehicle financing obligations while simultaneously funding individual pension accounts.
Akinsanya explained that the arrangement would enhance repayment efficiency, reduce financing risks and encourage a culture of long-term savings among transport workers, many of whom remain outside the formal pension system.
Responding, the Director General of PenCom, Ms. Omolola Oloworaran, welcomed the proposal and commended the NURTW leadership for pursuing sustainable social protection and economic empowerment initiatives for its members.
She described the partnership as a bold intervention capable of significantly advancing pension inclusion in the informal sector while contributing to broader national economic development objectives.
Oloworaran reaffirmed PenCom’s commitment to working closely with the union and relevant stakeholders to develop practical pathways for implementing the proposed reforms.
She noted that expanding pension coverage remains a key priority for the Commission and stressed that the initiative aligns with ongoing efforts to strengthen financial inclusion and improve the economic well-being of Nigerians.
Poverty Reduction
The PenCom boss further observed that the proposed collaboration supports critical objectives of the Federal Government’s Renewed Hope Agenda, particularly in the areas of social protection, poverty reduction, economic empowerment, financial inclusion and transportation sector reform.
Describing the initiative as one of the most ambitious pension inclusion programmes targeting Nigeria’s informal sector in recent years, she expressed optimism that its successful implementation would significantly expand the country’s pension contributor base, enhance retirement security for millions of transport workers and create a sustainable framework for modernising public transportation nationwide.
Both PenCom and the NURTW expressed confidence that the collaboration could evolve into a flagship national programme with far-reaching socio-economic benefits, reinforcing efforts to extend social security coverage to underserved segments of the workforce and promote inclusive national development.
