PenCom, NURTW Target 9 Million Transport Workers for Pension Coverage

By Our Correspondent

The National Pension Commission (PenCom) and the National Union of Road Transport Workers (NURTW) have commenced discussions on a landmark partnership aimed at bringing an estimated nine million transport workers into Nigeria’s Contributory Pension Scheme (CPS) through the Personal Pension Plan (PPP).

The initiative was unveiled during a courtesy visit by the National President of NURTW, Musiliu Akinsanya, popularly known as MC Oluomo, to the Director-General of PenCom, Omolola Oloworaran, at the Commission’s headquarters in Abuja, according to a statement issued by PenCom on Wednesday.
If implemented, the partnership would rank among the most ambitious pension inclusion programmes focused on Nigeria’s informal sector, significantly expanding retirement savings coverage for transport workers nationwide.
During the meeting, Akinsanya highlighted the union’s extensive national network, which comprises about nine million members operating in motor parks, logistics corridors, interstate routes and urban transport systems. He noted that the network provides a strong platform for deepening pension and financial inclusion.
He disclosed that the union has proposed a three-pronged framework that includes mass enrolment of transport workers into the Personal Pension Plan, 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 mobility programme would provide transport operators with access to modern buses and other transport infrastructure through structured financing arrangements supported by development finance institutions, commercial banks and other stakeholders.
Akinsanya explained that under the model, daily collections from transport operators would be channelled through existing union structures to service vehicle financing obligations while simultaneously funding individual pension accounts.
He added that the arrangement would improve repayment efficiency, reduce financing risks and encourage long-term savings among transport workers who have traditionally remained outside the formal pension system.
In her response, PenCom Director-General Omolola Oloworaran described the proposal as a bold intervention capable of accelerating pension inclusion in Nigeria’s informal sector while advancing broader economic development goals.
She commended the leadership of NURTW for pursuing sustainable social protection and economic empowerment initiatives for its members and reaffirmed PenCom’s commitment to collaborating with the union and other stakeholders to develop practical implementation pathways.
Oloworaran noted that expanding pension coverage remains a key priority for the Commission and stated that the initiative aligns with ongoing efforts to strengthen financial inclusion, improve economic well-being and advance the Federal Government’s Renewed Hope Agenda.
According to her, successful implementation of the partnership could significantly increase Nigeria’s pension contributor base, enhance retirement security for millions of transport workers and support the modernisation of public transportation across the country.
Both parties expressed optimism that the collaboration could evolve into a flagship national programme with far-reaching socio-economic benefits while extending social security coverage to millions of previously underserved workers.