By Oluwakemi Kindness
The National Pension Commission (PenCom) and the National Union of Road Transport Workers (NURTW) have begun discussions on a landmark partnership that could bring 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 NURTW National President, Musiliu Akinsanya, popularly known as MC Oluomo, to PenCom Director-General, Omolola Oloworaran, at the Commission’s headquarters in Abuja, according to a statement on Wednesday by the Commission.
If implemented, the partnership would rank among the most ambitious pension inclusion programmes targeting Nigeria’s informal sector, significantly expanding retirement savings coverage for transport workers across the country.
During the meeting, Akinsanya highlighted the union’s extensive nationwide network, comprising about nine million members operating in motor parks, logistics corridors, interstate routes and urban transport systems, as a 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 said 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.
Responding, 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 objectives.
She commended the NURTW leadership for pursuing sustainable social protection and economic empowerment initiatives for its members and reaffirmed PenCom’s commitment to working with the union and other stakeholders to develop practical pathways for implementation.
Oloworaran noted that expanding pension coverage remains a key priority for the Commission and said 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.
