Agency News
Barbara Bako, Abuja.
The National Pension Commission (PenCom) is set to deepen pension penetration in Nigeria’s informal sector through a proposed partnership with the National Union of Road Transport Workers (NURTW) that could bring about nine million transport workers into the Contributory Pension Scheme.
The initiative emerged during a meeting between PenCom Director-General, Ms. Omolola Oloworaran, and NURTW President, Alhaji Musiliu Akinsanya, popularly known as MC Oluomo, in Abuja.
At the heart of the proposal is the enrolment of transport operators nationwide into the Personal Pension Plan (PPP), a pension arrangement designed for self-employed individuals and workers in the informal economy.
Beyond pension enrolment, both organisations are also exploring financing models that would enable transport workers to acquire modern buses and other transport infrastructure through structured credit arrangements.
Akinsanya said the union’s extensive reach across motor parks, interstate routes, logistics corridors and urban transport networks provides a ready platform for expanding pension coverage among millions of workers who currently lack retirement savings.
According to him, the proposed framework includes an automated daily contribution system that would allow transport workers to make pension payments through existing revenue collection channels operated within the transport sector.
The NURTW president explained that the model is designed to combine retirement savings with vehicle financing, allowing daily collections from operators to support both pension contributions and loan repayments for the acquisition of modern transport assets.
He said the arrangement would help reduce financing risks, improve repayment performance and promote a savings culture among transport workers.
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Responding, Oloworaran said the proposal represents a major opportunity to accelerate pension inclusion and extend social protection to a critical segment of Nigeria’s workforce.
She noted that PenCom remains committed to expanding pension coverage and would work closely with the union and other stakeholders to evaluate practical options for implementing the initiative.
The PenCom boss added that the proposal aligns with the Federal Government’s broader objectives on financial inclusion, poverty reduction and economic empowerment.
According to her, successful implementation of the programme could significantly increase the country’s pension contributor base while improving retirement security for millions of Nigerians employed in the transport sector.
She further noted that the initiative could serve as a model for extending pension coverage to other informal sector groups and contribute to efforts aimed at modernising public transportation across the country.
Both PenCom and the NURTW expressed confidence that the collaboration could evolve into a nationwide programme with lasting economic and social benefits for transport workers and the wider economy.
