PenCom, NURTW Partner To Enrol 9 Million Transport Workers In Pension Scheme

The National Pension Commission (PenCom) has commenced discussions with the National Union of Road Transport Workers (NURTW) on a partnership aimed at enrolling about nine million transport workers into the Personal Pension Plan (PPP) under the Contributory Pension Scheme (CPS).

The proposed collaboration was unveiled during a courtesy visit by the NURTW National President, Musiliu Akinsanya, to the Director-General of PenCom, Omolola Oloworaran, at the Commission’s headquarters in Abuja.

The meeting, which was attended by senior officials from both organisations, focused on expanding pension coverage among transport workers operating in the informal sector and exploring financing options to support the acquisition of modern mass transit vehicles across the country.

Akinsanya said the NURTW’s nationwide structure and large membership base provided a strong platform to deepen pension participation and financial inclusion among transport workers operating in motor parks, logistics corridors, interstate routes, and urban transport systems.

He said the union had proposed a three-pronged partnership framework involving 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 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 vehicles through structured financing arrangements involving development finance institutions, commercial banks, and other stakeholders.

He explained that under the proposed model, daily contributions from transport operators would be channelled through existing union structures to support vehicle financing obligations while also funding individual pension accounts.

Akinsanya noted that the initiative would improve loan repayment efficiency, reduce financing risks, and promote a culture of long-term savings among transport workers who have traditionally remained outside the formal pension system.

Responding, PenCom Director-General, Omolola Oloworaran, welcomed the proposal, describing it as a significant step towards expanding social protection and economic empowerment for workers in the informal sector.

She said the initiative aligned with PenCom’s commitment to increasing pension coverage and strengthening financial inclusion among Nigerians.

Oloworaran added that the partnership supports the Federal Government’s Renewed Hope Agenda, particularly in the areas of social protection, poverty reduction, economic empowerment, financial inclusion, and transportation sector reform.

She described the proposed initiative as one of the most ambitious pension inclusion efforts targeting Nigeria’s informal sector, noting that successful implementation could substantially increase the number of pension contributors and improve retirement security for millions of transport workers.

The PenCom boss also said the programme could contribute to the modernisation of public transportation by creating a sustainable financing framework for vehicle acquisition.

Both organisations expressed optimism that the partnership would develop into a national programme with far-reaching socio-economic benefits, extending pension coverage and improved welfare opportunities to millions of transport workers across the country.