PenCom, NURTW targets 9 million transport workers for pension scheme

Nigeria’s drive towards greater financial inclusion and social protection received a major boost as the National Pension Commission (PenCom) and the National Union of Road Transport Workers (NURTW) unveiled plans to enrol an estimated nine million transport workers into the Personal Pension Plan (PPP) under the Contributory Pension Scheme (CPS).
The ambitious initiative emerged 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, at the Commission’s headquarters in Abuja.
Senior officials from both organisations attended the high-level engagement, which focused on expanding pension coverage for transport workers while also exploring innovative financing mechanisms that could support the acquisition of modern mass-transit vehicles across the country.
Speaking during the meeting, Akinsanya said the union’s extensive national network presents a unique opportunity to deepen pension penetration among workers in the informal sector. He noted that NURTW’s membership cuts across motor parks, interstate routes, logistics corridors and urban transport systems nationwide.
“We have an estimated nine million transport workers operating across Nigeria, and we believe this partnership offers a practical pathway to bring them into the pension system while improving their long-term economic security,” Akinsanya said.
The NURTW President expressed that the union had proposed a three-pronged partnership framework centred on mass enrolment into the Personal Pension Plan, the introduction of an automated daily contribution system, and the establishment of a National Transport Workers Mobility Enhancement Programme.
According to him, the proposed automated platform would be integrated into existing transport revenue collection channels, enabling workers to make seamless daily pension contributions while carrying out their regular business activities.
Akinsanya further explained that the initiative would also create a sustainable financing framework to help transport operators acquire modern buses and other transport infrastructure through partnerships with development finance institutions, commercial banks and other stakeholders.
“Under this model, daily collections from transport operators can simultaneously service vehicle financing obligations and fund individual pension accounts. This creates a win-win arrangement that promotes financial discipline and long-term savings,” he stated.
He added that the proposed structure is expected to improve loan repayment efficiency, reduce financing risks and encourage a savings culture among transport workers, many of whom have traditionally remained outside the formal pension system.
Responding, PenCom Director General Ms. Omolola Oloworaran welcomed the proposal and commended the NURTW leadership for championing sustainable social protection and economic empowerment initiatives for its members.
“This is a bold and innovative intervention that has the potential to significantly advance pension inclusion in Nigeria’s informal sector,” Oloworaran said. “It demonstrates how strategic partnerships can improve the lives and future security of millions of hardworking Nigerians.”
She reaffirmed PenCom’s commitment to collaborating with the union and other relevant stakeholders to develop practical implementation strategies, stressing that expanding pension coverage remains one of the Commission’s core priorities.
According to the PenCom chief executive, the proposed partnership aligns strongly with the Federal Government’s Renewed Hope Agenda, particularly in the areas of social protection, poverty reduction, financial inclusion, economic empowerment and transportation sector reform. She described the initiative as one of the most ambitious pension inclusion programmes targeting informal-sector workers in recent years.
Both PenCom and NURTW expressed optimism that the collaboration could evolve into a flagship national programme with far-reaching socio-economic benefits. If successfully implemented, the initiative is expected to expand Nigeria’s pension contributor base, strengthen retirement security for millions of transport workers and create a sustainable framework for modernising public transportation nationwide.