PenCom, NURTW Partner to Enrol 9 Million Transport Workers into Pension Scheme

The National Pension Commission (PenCom) and the National Union of Road Transport Workers (NURTW) have opened discussions on a strategic partnership to enrol an estimated nine million transport workers into the Personal Pension Plan (PPP) under the Contributory Pension Scheme.

PenCom disclosed this in a statement following a courtesy visit by NURTW National President Alhaji Musiliu Akinsanya, popularly known as MC Oluomo, to PenCom Director General Ms. Omolola Oloworaran at the Commission’s headquarters in Abuja.

The proposed collaboration aims to expand pension coverage for informal sector transport workers while exploring innovative financing models to support the acquisition of modern mass-transit vehicles nationwide.

According to the statement, the discussions focused on leveraging NURTW’s nationwide network and its estimated membership of nine million workers operating across motor parks, logistics corridors, interstate routes, and urban transport systems.

NURTW proposed a three-pronged framework: mass enrolment of workers into the PPP, deployment of an automated daily pension contribution system integrated into existing transport revenue collection platforms, and the creation of a National Transport Workers Mobility Enhancement Programme.

Under the proposal, transport workers would gain access to structured financing from development finance institutions, commercial banks, and other stakeholders to acquire modern buses and related infrastructure.

PenCom said a central component is a sustainable financing framework where daily collections from operators would be channelled through union structures to service vehicle financing obligations while simultaneously funding individual pension accounts.

The Commission noted that this arrangement is expected to improve repayment efficiency, reduce financing risks, and encourage long-term savings among 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 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.

She reaffirmed the Commission’s commitment to working with the union to explore practical implementation pathways, stressing that expanding pension coverage remains a core priority.

The Director General noted that the initiative aligns with ongoing efforts to strengthen financial inclusion and supports key objectives of the Federal Government’s Renewed Hope Agenda in social protection, poverty reduction, economic empowerment, and transportation sector reform.

She described the engagement as one of the most ambitious pension inclusion initiatives targeting Nigeria’s informal sector in recent years, adding that successful implementation could 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 extending social security coverage to previously underserved segments of the workforce.