The National Pension Commission and the National Union of Road Transport Workers have begun discussions on a major initiative aimed at bringing an estimated nine million transport workers into Nigeria’s Contributory Pension Scheme through the Personal Pension Plan.
The proposed partnership is designed to deepen pension and financial inclusion among workers in the informal sector, while also creating a framework that could support access to modern mass-transit vehicles across the country.
The initiative emerged following a meeting between PenCom Director-General Omolola Oloworaran and NURTW National President Musiliu Akinsanya, popularly known as MC Oluomo, at the commission’s headquarters in Abuja. The discussions focused on extending retirement savings opportunities to transport operators who have traditionally remained outside the formal pension system.
Brandspur Banking News Desk reports that the collaboration could significantly expand pension coverage across motor parks, logistics corridors, interstate routes and urban transport networks, marking one of the most ambitious efforts to integrate informal sector workers into Nigeria’s retirement savings architecture.
Under the proposal, transport workers would be enrolled into the Personal Pension Plan through a technology-driven contribution model linked to existing revenue collection platforms used by the union. The framework is also expected to support a mobility enhancement programme aimed at helping operators acquire buses and other transport assets through structured financing arrangements.
The financing model under consideration would involve support from commercial banks, development finance institutions and other stakeholders. Daily collections from transport operators are expected to serve both as repayment channels for vehicle financing and as contributions to individual pension accounts, creating a dual system of asset ownership and long-term savings.
PenCom has expressed support for the proposal, describing it as a significant step toward strengthening social protection and advancing financial inclusion. The commission noted that expanding pension access remains a key priority and said the initiative aligns with broader efforts to improve economic welfare and retirement security for Nigerians.
Officials also believe the proposed arrangement supports key elements of the Federal Government’s Renewed Hope Agenda, particularly in the areas of poverty reduction, economic empowerment, transport sector reform and social inclusion.
If successfully implemented, the programme could substantially increase Nigeria’s pension contributor base, provide retirement security for millions of transport workers and establish a sustainable framework for modernising public transportation nationwide.
The Personal Pension Plan was introduced to enable self-employed individuals and workers in the informal sector to build retirement savings through flexible contributions, while allowing limited access to a portion of accumulated funds under specified conditions.
