The National Pension Commission (PenCom) has begun discussions with the National Union of Road Transport Workers (NURTW) on a partnership designed to bring an estimated nine million transport workers into the Personal Pension Plan (PPP) under Nigeria’s Contributory Pension Scheme (CPS).
The initiative was disclosed during a courtesy visit by the National President of NURTW, Musiliu Akinsanya, to the Director-General of PenCom, Omolola Oloworaran, at the Commission’s headquarters in Abuja.
The engagement, which involved senior officials from both organisations, centred on strategies to expand pension coverage among transport workers and explore innovative financing options for the acquisition of modern mass-transit vehicles across the country.
Speaking during the meeting, Akinsanya said the union’s extensive presence across motor parks, logistics hubs, interstate routes and urban transport networks presents a significant opportunity to deepen pension participation and financial inclusion within the informal sector.
He explained that the union had proposed a three-part framework aimed at improving social security and economic opportunities for transport workers.
The proposal includes the large-scale enrolment of transport workers into the Personal Pension Plan, the introduction of an automated daily pension contribution system integrated with existing transport revenue collection mechanisms, and the creation of a National Transport Workers Mobility Enhancement Programme to support access to modern transport vehicles through structured financing.
According to Akinsanya, the mobility enhancement programme would establish a sustainable financing structure that allows transport operators to acquire buses and other transportation assets with support from development finance institutions, commercial banks and relevant stakeholders.
Under the proposed arrangement, daily earnings collected through existing union structures would be used to service vehicle financing obligations while also funding individual pension accounts for participating workers.
He noted that the model would not only encourage a culture of savings among transport workers but also improve repayment efficiency, reduce financing risks and provide long-term financial security for operators who have traditionally been excluded from formal pension systems.
Akinsanya described the proposal as a practical solution that addresses both retirement planning and transportation infrastructure challenges simultaneously.
In her response, PenCom Director-General Omolola Oloworaran welcomed the initiative and praised the NURTW leadership for pursuing programmes that promote social protection and economic empowerment for its members.
She described the proposal as a significant step toward improving pension inclusion within Nigeria’s informal sector and advancing broader economic development goals.
Oloworaran reaffirmed PenCom’s willingness to collaborate with the union and other relevant stakeholders to develop practical strategies for implementing the initiative.
She stated that expanding pension coverage remains one of the Commission’s key priorities and noted that the proposed partnership aligns with ongoing efforts to strengthen financial inclusion and improve the welfare of Nigerians.
According to her, the initiative also supports major objectives of the Federal Government’s Renewed Hope Agenda, particularly in the areas of social protection, poverty reduction, economic empowerment, transportation sector reform and financial inclusion.
The PenCom boss described the proposal as one of the most ambitious pension expansion efforts targeting Nigeria’s informal sector in recent years.
She expressed confidence that successful implementation could significantly increase the country’s pension contributor base while providing retirement security for millions of transport workers.
Oloworaran also noted that the programme has the potential to establish a sustainable framework for modernising public transportation nationwide.
Both PenCom and the NURTW expressed optimism that the collaboration would eventually evolve into a flagship national programme capable of delivering far-reaching socio-economic benefits while extending social security coverage to millions of underserved transport workers across Nigeria.
