The National Pension Commission (PenCom) has begun discussions with the National Union of Road Transport Workers (NURTW) on a major initiative aimed at bringing millions of transport workers into Nigeria’s pension system.
The proposed partnership could allow about nine million transport workers across the country to enroll in the Personal Pension Plan (PPP), a scheme under the Contributory Pension Scheme (CPS) designed mainly for workers in the informal sector.
The plan was discussed during a courtesy visit by the National President of NURTW, Alhaji Musiliu Akinsanya, popularly known as MC Oluomo, to PenCom’s Director-General, Ms. Omolola Oloworaran, at the commission’s headquarters in Abuja.
According to PenCom, the meeting focused on ways to increase pension coverage among transport workers while also exploring funding options that could help operators acquire modern vehicles for public transportation services.
During the meeting, Akinsanya highlighted the union’s nationwide presence and its estimated membership of nine million workers. He explained that the large network of transport operators, drivers, and logistics workers presents an opportunity to improve pension participation and financial inclusion among Nigerians working outside the formal employment sector.
He revealed that the union had proposed a three-part framework for the partnership. The first aspect involves enrolling transport workers into the Personal Pension Plan on a large scale. The second focuses on introducing an automated daily pension contribution system that would be linked to existing transport revenue collection platforms. The third component is the creation of a National Transport Workers Mobility Enhancement Programme that would help members gain access to modern vehicles through structured financing arrangements.
A major feature of the proposal is a financing model that would support transport operators in purchasing buses and other transport-related assets. The arrangement would involve development finance institutions, commercial banks, and other stakeholders working together to provide funding.
Under the proposed structure, daily earnings collected through existing union channels would be used both to repay vehicle financing obligations and to fund individual pension accounts. Supporters of the initiative believe this approach will make loan repayments easier, reduce financial risks, and encourage long-term savings among transport workers.
Responding to the proposal, PenCom Director-General Omolola Oloworaran praised the NURTW leadership for seeking practical solutions that combine social protection with economic empowerment.
She described the initiative as one of the most ambitious pension inclusion efforts targeting Nigeria’s informal sector in recent years. According to her, the proposal has the potential to significantly increase the number of pension contributors in the country while providing retirement security for millions of workers who currently lack formal pension coverage.
Oloworaran reaffirmed PenCom’s commitment to working closely with the union and other stakeholders to explore practical ways of implementing the initiative. She noted that expanding pension coverage remains a key objective of the commission and aligns with broader efforts to improve financial inclusion and economic well-being.
She also stated that the proposal supports the Federal Government’s Renewed Hope Agenda by promoting social protection, poverty reduction, economic empowerment, and transportation sector development.
Both PenCom and NURTW expressed confidence that the collaboration could grow into a nationwide programme with lasting economic and social benefits. If successfully implemented, the initiative could transform retirement planning for millions of transport workers while contributing to the modernization of Nigeria’s transportation industry.
