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From Adanna Nnamani (Abuja) and Henry Uche
The National Pension Commission (PenCom) and the National Union of Road Transport Workers (NURTW) have commenced discussions on a strategic partnership aimed at enrolling an estimated nine million transport workers into the Personal Pension Plan (PPP) under the Contributory Pension Scheme (CPS).
This was disclosed in a statement issued by PenCom following a courtesy visit by the National President of 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.
According to the statement, the proposed collaboration is designed to expand pension coverage for transport workers in the informal sector while also exploring innovative financing models to support the acquisition of modern mass-transit vehicles nationwide.
PenCom said discussions between both organisations focused on leveraging the union’s nationwide network and estimated membership of nine million transport workers operating across motor parks, logistics corridors, interstate routes and urban transport systems to deepen pension and financial inclusion.
The statement noted that NURTW proposed a three-pronged partnership framework that includes the mass enrolment of transport workers into the PPP, the deployment of an automated daily pension contribution system integrated into existing transport revenue collection platforms, and the development of a National Transport Workers Mobility Enhancement Programme.
Under the proposal, transport workers would gain access to structured financing arrangements that would enable them to acquire modern buses and other transport infrastructure through support from development finance institutions, commercial banks and other stakeholders.
PenCom explained that a key component of the initiative is the establishment of a sustainable financing framework under which daily collections from transport operators would be channelled through existing union structures to service vehicle financing obligations while simultaneously funding individual Personal Pension Plan accounts.
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According to the Commission, the arrangement is expected to improve repayment efficiency, reduce financing risks and encourage long-term savings among transport workers who have traditionally remained outside the formal pension system.
The statement said Oloworaran welcomed the initiative and commended the NURTW leadership for pursuing sustainable social protection and economic empowerment solutions for its members.
She described the proposal as a bold intervention that could significantly advance pension inclusion in the informal sector and contribute to broader economic development goals.
The PenCom Director General also reaffirmed the Commission’s commitment to working with the union and other stakeholders to explore practical pathways for implementing the proposed reforms, stressing that expanding pension coverage remains a core priority for the Commission.
According to the statement, Oloworaran noted that the initiative aligns with ongoing efforts to strengthen financial inclusion and improve the economic well-being of Nigerians, while also supporting key objectives of the Federal Government’s Renewed Hope Agenda in the areas of social protection, poverty reduction, economic empowerment and transportation sector reform.
She further described the engagement as one of the most ambitious pension inclusion initiatives targeting Nigeria’s informal sector in recent years, adding that its successful implementation could 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.
The statement added that both parties expressed optimism that the collaboration could evolve into a flagship national programme with far-reaching socio-economic benefits, reinforcing PenCom’s role in driving inclusive development and extending social security coverage to previously underserved segments of the workforce.
