The National Pension Commission (PenCom) is discussing with the National Union of Road Transport Workers (NURTW) to enrol 9 million transport workers in the Personal Pension Plan under the Contributory Pension Scheme.
The discussion began when NURTW President Musiliu Akinsanya, aka MC Oluomo, visited PenCom DG Ms. Omolola Oloworaran in Abuja.
They also discussed financing models for modern mass-transit vehicles nationwide to expand pension coverage for transport workers.
At the meeting, Akinsanya said the union’s nationwide structure and its estimated membership of nine million transport workers operating across motor parks, logistics corridors, interstate routes, and urban transport networks present a unique opportunity to deepen pension and financial inclusion among informal-sector workers.
He announced that the union had proposed a three-pronged partnership framework that includes the mass enrolment of transport workers into the PPP, the deployment of an automated daily pension contribution system integrated into existing transport revenue collection platforms, and the development of a National Transport Workers Mobility Enhancement Programme to facilitate access to modern vehicles through structured financing arrangements.
The plan also includes a financing model where banks and development agencies fund buses for operators.
Daily collections will pass through union structures – one part repays the bus loan, the other funds each driver’s pension account.
Oluomo said the arrangement is expected to improve repayment efficiency, reduce financing risks and encourage a culture of long-term savings among transport workers who have traditionally remained outside the formal pension net.
Speaking, Ms. Oloworaran welcomed the initiative and commended the NURTW leadership for pursuing sustainable social protection and economic empowerment solutions 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 also reaffirmed the Commission’s commitment to working with the Union and other relevant stakeholders to explore practical pathways to implement the proposed reforms.
She noted that expanding pension coverage remains a core priority for PenCom and stressed that the initiative aligns with ongoing efforts to strengthen financial inclusion and improve the economic well-being of Nigerians.
She further observed that the proposed partnership supports key objectives of the Federal Government’s Renewed Hope Agenda, particularly in social protection, poverty reduction, financial inclusion, economic empowerment, and transportation sector reform.
She said the engagement was one of the most ambitious pension inclusion initiatives targeting Nigeria’s informal sector in recent years.
She added that the successful implementation could significantly 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.