PenCom, NURTW Seal Partnership to Enrol 9 Million Transport Workers into Pension Scheme
The National Pension Commission (PenCom) and the National Union of Road Transport Workers (NURTW) have announced a strategic partnership aimed at enrolling an estimated nine million transport workers into the Personal Pension Plan (PPP) under the Contributory Pension Scheme (CPS).
According to a statement issued by PenCom, the agreement followed a courtesy visit by the NURTW National President, Alhaji Musiliu Akinsanya, popularly known as MC Oluomo, to the Commission's Director General, Ms. Omolola Oloworaran, at the agency's headquarters in Abuja.
The proposed collaboration is designed to expand pension coverage for informal sector transport workers while exploring innovative financing models to support the acquisition of modern mass-transit vehicles nationwide.
The statement said discussions focused on leveraging the union's extensive network, which spans motor parks, logistics corridors, interstate routes, and urban transport systems, to deepen pension and financial inclusion among its estimated nine million members.
NURTW proposed a three-pronged partnership framework. First, the mass enrolment of transport workers into the PPP. Second, the deployment of an automated daily pension contribution system integrated into existing transport revenue collection platforms. Third, the development of a National Transport Workers Mobility Enhancement Programme.
Under the proposal, transport workers would gain access to structured financing arrangements, enabling them to acquire modern buses and other transport infrastructure through 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. Daily collections from transport operators would be channelled through existing union structures to service vehicle financing obligations while simultaneously funding individual PPP accounts.
The Commission noted that 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.
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 capable of significantly advancing pension inclusion in the informal sector and contributing to broader economic development goals.
The Director General 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.
She 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 social protection, poverty reduction, economic empowerment, and transportation sector reform.
Oloworaran further described the engagement as one of the most ambitious pension inclusion initiatives targeting Nigeria's informal sector in recent years. She added that 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.
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.