Emma Ujah, Abuja Bureau Chief
ABUJA—The National Pension Commission (PenCom) has commenced discussions with the National Union of Road Transport Workers (NURTW) on a partnership aimed at bringing an estimated 9 million transport workers into the Personal Pension Plan (PPP) under the Contributory Pension Scheme (CPS).
The proposed collaboration was unveiled during a courtesy visit by the National President of NURTW, Musiliu Akinsanya, to the Director-General of PenCom, Omolola Oloworaran, at the Commission’s headquarters in Abuja, yesterday.
The meeting, attended by senior officials from both organisations, focused on expanding pension coverage for transport workers through the PPP and on exploring financing models to support the acquisition of modern mass-transit vehicles across the country.
Speaking during the engagement, Akinsanya said the union’s nationwide network and estimated membership of nine million transport workers operating in motor parks, logistics corridors, interstate routes and urban transport systems offer a unique opportunity to deepen pension and financial inclusion in the informal sector.
He disclosed that the union had proposed a three-pronged partnership framework comprising mass enrolment of transport workers into the PPP, 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 to facilitate access to modern vehicles through structured financing arrangements.
According to him, a key aspect of the proposal is the creation of a sustainable financing framework that would enable transport operators to acquire buses and other transport infrastructure with support from development finance institutions, commercial banks and other stakeholders.
Under the arrangement, daily collections from transport operators would be channelled through existing union structures to service vehicle financing obligations while simultaneously funding individual pension accounts.
Akinsanya said the model would improve loan repayment efficiency, reduce financing risks and encourage a culture of long-term savings among transport workers who have largely remained outside the formal pension system.
Responding, Oloworaran welcomed the initiative and commended the NURTW leadership for pursuing sustainable social protection and economic empowerment programmes for its members.
She described the proposal as a bold intervention capable of significantly advancing pension inclusion in the informal sector and supporting broader economic development objectives.
The PenCom boss reaffirmed the Commission’s commitment to working with the union and other stakeholders to develop practical pathways for implementing the proposal.
She noted that expanding pension coverage remains a core priority of PenCom and stressed that the initiative aligns with ongoing efforts to strengthen financial inclusion and improve the economic well-being of Nigerians.
According to her, the proposed partnership also supported key objectives of the Federal Government’s Renewed Hope Agenda, particularly in social protection, poverty reduction, financial inclusion, economic empowerment and transportation sector reform.
Oloworaran described the initiative as one of the most ambitious pension inclusion drives targeting Nigeria’s informal sector in recent years, adding that its successful implementation could significantly expand the country’s pension contributor base and enhance retirement security for millions of transport workers.
She further said the programme could provide a sustainable framework for modernising public transportation nationwide.
Both parties expressed optimism that the collaboration would evolve into a flagship national programme with far-reaching socio-economic benefits, while extending social security coverage to millions of previously underserved transport workers.
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