The National Pension Commission (PenCom) has begun discussions with the National Union of Road Transport Workers (NURTW) on a partnership potentially bringing nine million transport workers into the Personal Pension Plan (PPP) under the Contributory Pension Scheme (CPS).
The collaboration emerged during NURTW National President Alhaji Musiliu Akinsanya, popularly known as MC Oluomo, courtesy visit to PenCom Director General Ms. Omolola Oloworaran in Abuja. Senior officials from both organizations attended the engagement focusing on expanding pension coverage for transport workers through PPP and exploring innovative financing models for modern mass-transit vehicle acquisition nationwide.
Akinsanya said the union’s nationwide structure and estimated nine million membership operating across motor parks, logistics corridors, interstate routes, and urban transport networks present unique opportunity to deepen pension and financial inclusion among informal-sector workers.
He disclosed the union proposed a three-pronged partnership framework: mass enrolment of transport workers into PPP, deployment of automated daily pension contribution system integrated into existing transport revenue collection platforms, and development of National Transport Workers Mobility Enhancement Programme facilitating modern vehicle access through structured financing arrangements.
A key proposal component is establishing sustainable financing framework enabling transport operators to acquire buses and transport infrastructure through development finance institutions, commercial banks, and other stakeholders support. Under the model, daily collections from transport operators channel through existing union structures to service vehicle financing obligations while simultaneously funding individual Personal Pension Plan Accounts.
The arrangement is expected to improve repayment efficiency, reduce financing risks, and encourage long-term savings culture among transport workers traditionally remaining outside formal pension net.
Oloworaran welcomed the initiative, commending NURTW leadership for pursuing sustainable social protection and economic empowerment solutions for members. She described the proposal as bold intervention significantly advancing informal sector pension inclusion and contributing to broader economic development goals.
PenCom’s boss reaffirmed Commission’s commitment working with the Union and relevant stakeholders exploring practical reform implementation pathways. Expanding pension coverage remains PenCom core priority, aligning with ongoing financial inclusion strengthening and Nigerians’ economic well-being improvement efforts.
Oloworaran observed the partnership supports Federal Government’s Renewed Hope Agenda key objectives in social protection, poverty reduction, financial inclusion, economic empowerment, and transportation sector reform.
The engagement represents one of recent years’ most ambitious informal sector pension inclusion initiatives. Successful implementation could significantly expand country’s pension contributor base, enhance retirement security for millions of transport workers, and create sustainable public transportation modernisation framework nationwide.
Both parties expressed optimism the collaboration could evolve into flagship national programme with far-reaching socio-economic benefits, reinforcing PenCom’s growing inclusive development driving role and extending social security coverage to previously underserved workforce segments.