The National Pension Commission (PenCom) and the National Union of Road Transport Workers (NURTW) have commenced talks on a partnership aimed at enrolling an estimated nine million transport workers into the Personal Pension Plan (PPP).
The initiative, which falls under the Contributory Pension Scheme (CPS), seeks to expand financial inclusion and retirement security for informal sector workers operating across Nigeria’s motor parks, logistics corridors, and urban transport networks.
The proposed collaboration was disclosed during a courtesy visit by the NURTW National President, Alhaji Musiliu Akinsanya (popularly known as MC Oluomo), to the Director General of PenCom, Ms. Omolola Oloworaran, at the commission’s headquarters in Abuja.
The Three-Pronged Framework
According to Akinsanya, the union has proposed a three-pronged partnership framework designed to leverage its nationwide structure. The components include:
- Mass enrolment of transport workers into the Personal Pension Plan.
- An automated daily contribution system integrated into existing transport revenue collection platforms.
- The National Transport Workers Mobility Enhancement Programme, which aims to facilitate access to modern mass-transit vehicles through structured financing arrangements.
Under the proposed financing model, daily collections from operators would be channeled through union structures to simultaneously service vehicle financing obligations and fund individual pension accounts. The framework is expected to involve development finance institutions, commercial banks, and other stakeholders to reduce financing risks and encourage long-term savings.
Regulatory Backing
Responding to the proposal, PenCom Director General Ms. Omolola Oloworaran commended the NURTW leadership for championing social protection and economic empowerment for its members.
Oloworaran described the initiative as one of the most ambitious pension inclusion drives targeting Nigeria’s informal sector in recent years. She reaffirmed the commission’s commitment to working with the union and other stakeholders to develop practical implementation pathways.
”Expanding pension coverage remains a core priority for PenCom,” Oloworaran said, noting that the initiative aligns with the Federal Government’s Renewed Hope Agenda, particularly in the areas of social protection, poverty reduction, and transportation sector reform.
Both organizations expressed optimism that the collaboration could serve as a flagship national program, expanding the country’s pension contributor base while creating a sustainable framework to modernize public transportation across the country.
