Yemisi Izuora
The National Pension Commission (PenCom) has entered into discussions with the National Union of Road Transport Workers (NURTW) on an innovative partnership that could bring an estimated nine million transport workers into the Personal Pension Plan (PPP) under the Contributory Pension Scheme (CPS).
The proposed collaboration came to the fore during a courtesy visit by the National President of NURTW, Alhaji Musiliu Akinsanya, popularly known as MC Oluomo, to the Director General of PenCom, Ms. Omolola Oloworaran, in Abuja.
The engagement, attended by senior officials from both organizations, focused on expanding pension coverage for transport workers through the PPP and on exploring innovative financing models to support the acquisition of modern mass-transit vehicles nationwide.
Speaking at the meeting, Akinsanya said the union’s nationwide structure and its estimated membership of nine million transport workers operating across motor parks, logistics corridors, interstate routes, and urban transport networks present a unique opportunity to deepen pension and financial inclusion among informal-sector workers.
He disclosed that the union had proposed a three-pronged partnership framework that includes the mass enrolment of transport workers into the PPP, the 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.
A key component of the proposal is the establishment of a sustainable financing framework that would enable transport operators to acquire buses and other transport infrastructure through support from development finance institutions, commercial banks and other stakeholders. Under the model, daily collections from transport operators would be channelled through existing union structures to service vehicle financing obligations while simultaneously funding individual Personal Pension Plan Accounts.
The Union leader said the arrangement is expected to improve repayment efficiency, reduce financing risks and encourage a culture of long-term savings among transport workers who have traditionally remained outside the formal pension net.
Responding, Ms. 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 that could significantly advance pension inclusion in the informal sector and contribute to broader economic development goals.
The PenCom boss reaffirmed the Commission’s commitment to working with the Union and other relevant stakeholders to explore practical pathways to implement the proposed reforms. She noted that expanding pension coverage remains a core priority for PenCom and stressed that the initiative aligns with ongoing efforts to strengthen financial inclusion and improve the economic well-being of Nigerians.
Ms. Oloworaran further observed that the proposed partnership supports key objectives of the Federal Government’s Renewed Hope Agenda, particularly in social protection, poverty reduction, financial inclusion, economic empowerment, and transportation sector reform.
The Director General said the engagement was one of the most ambitious pension inclusion initiatives targeting Nigeria’s informal sector in recent years. She added that the 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 growing role in driving inclusive development and extending social security coverage to previously underserved segments of the workforce.