PenCom, NURTW Target Nine Million Transport Workers For Pension Scheme

By LOVETH CHIJIOKE, Lagos

The National Pension Commission (PenCom) and the National Union of Road Transport Workers (NURTW) have commenced moves to bring an estimated nine million transport workers into the Personal Pension Plan (PPP) under the Contributory Pension Scheme (CPS), in what could become one of the largest pension inclusion initiatives in Nigeria’s informal sector.

The initiative emerged during a meeting between PenCom Director-General, Ms. Omolola Oloworaran, and the National President of NURTW, Alhaji Musiliu Akinsanya, popularly known as MC Oluomo, at the commission’s headquarters in Abuja.

Under the proposed partnership, transport workers operating across motor parks, interstate routes, logistics corridors and urban transport networks would be enrolled into the Personal Pension Plan through an automated daily contribution system integrated into existing transport revenue collection platforms.

The arrangement also includes plans for a National Transport Workers Mobility Enhancement Programme aimed at facilitating access to modern buses and transport infrastructure through structured financing arrangements involving development finance institutions, commercial banks and other stakeholders.

Speaking at the meeting, Akinsanya said the union’s nationwide structure presents a unique opportunity to deepen pension and financial inclusion among informal sector workers who have largely remained outside the formal pension net.

According to him, the framework is expected to encourage a culture of long-term savings, improve repayment efficiency and reduce financing risks, while providing transport operators with access to modern vehicles.

Responding, Oloworaran described the proposal as a bold intervention capable of significantly expanding pension coverage and advancing financial inclusion. She reaffirmed PenCom’s commitment to working with the union and other stakeholders to translate the initiative into reality.

The PenCom boss noted that the proposed collaboration aligns with the federal government’s Renewed Hope Agenda on social protection, poverty reduction, economic empowerment and transportation sector reforms.

She added that successful implementation of the initiative could substantially increase the country’s pension contributor base, enhance retirement security for millions of transport workers and provide a sustainable framework for modernising public transportation nationwide.