PenCom, NURTW Target 9 Million Transport Workers for Pension Scheme

PenCom, NURTW Target 9 Million Transport Workers for Pension Scheme
Barbara Bako, Abuja.

The National Pension Commission (PenCom) and the National Union of Road Transport Workers (NURTW) have begun discussions on a partnership aimed at bringing an estimated nine million transport workers into the Personal Pension Plan (PPP) under the Contributory Pension Scheme.
The initiative was discussed during a meeting between PenCom Director-General, Ms. Omolola Oloworaran, and NURTW National President, Alhaji Musiliu Akinsanya, popularly known as MC Oluomo, at the commission’s headquarters in Abuja.
The proposed collaboration seeks to expand pension coverage among transport workers in the informal sector while also exploring financing options to support the acquisition of modern mass transit vehicles across the country.
Akinsanya said the union’s extensive nationwide network, which spans motor parks, logistics corridors, interstate routes and urban transport services, provides a platform for deepening pension and financial inclusion among workers who are largely outside the formal social security system.
He disclosed that the union had proposed a three part framework covering the mass enrolment of transport workers into the Personal Pension Plan, the introduction of an automated daily pension contribution system linked to existing transport revenue collection platforms, and the establishment of a National Transport Workers Mobility Enhancement Programme to facilitate access to modern vehicles through structured financing.
According to him, the proposal includes a sustainable financing model 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 arrangement, daily collections from transport operators would be channelled through existing union structures to meet vehicle financing obligations while simultaneously funding individual pension accounts.
The union leader said the model would improve loan repayment rates, reduce financing risks and encourage long-term savings among transport workers.
Responding, Oloworaran described the proposal as a significant step towards improving pension coverage in the informal sector and advancing financial inclusion.
She said PenCom would work with the union and other stakeholders to examine practical pathways for implementing the initiative, noting that expanding pension coverage remains one of the commission’s key priorities.
The PenCom chief added that the proposal aligns with ongoing efforts to strengthen social protection and improve the economic well-being of Nigerians.
She further noted that the initiative supports the Federal Government’s Renewed Hope Agenda, particularly in the areas of poverty reduction, financial inclusion, economic empowerment and transportation sector reforms.
Oloworaran described the engagement as one of the most ambitious pension inclusion efforts targeting Nigeria’s informal sector in recent years.
She said successful implementation could significantly increase the number of pension contributors in the country, improve retirement security for millions of transport workers and provide a framework for modernising public transportation.
Both organisations expressed optimism that the partnership could develop into a nationwide programme capable of expanding social security coverage and delivering broader socio-economic benefits.