By David Akinmola
The National Pension Commission (PenCom) has rolled out a fresh drive to extend pension coverage to about nine million transport workers under the Personal Pension Plan (PPP), in a move expected to deepen financial inclusion and expand social security for operators in the country.
The initiative, being developed in partnership with the National Union Road Transport Workers (NURTW), is expected to increase retirement savings among workers in one of Nigeria’s largest informal-sector groups while creating a framework for structured financing of mass-transit vehicles across the country.
The proposed arrangement, which emerged, during discussed between PenCom and the leadership of the NURTW, seeks to leverage the union’s nationwide network to drive pension enrolment among transport operators who have largely remained outside the formal retirement savings system.
If successful implemented, the programme would represent one of the most ambitious pension inclusion drives in recentl years, potentially increasing the number of contributors under the pension scheme and extending social security coverage to millions of Nigerians without formal retirement protection.
Under the proposal, transport workers would make automated daily pension contributions through existing revenue collection channels within the transport ecosystem, while part of the collection could also support structured financing arrangements for the acquisition of modern buses and other transport infrastructure.
Industry experts said the initiative could help address one of the biggest challenge confronting Nigeria’s pension industry-low participation among informal-sector workers while supporting the Federal Government’s broader objectives of poverty roduction, financial inclsion and economic empowerment.
Speaking during the engagement, NURTW National President, Alhaji Musiliu Akinsanya, said the union’s estimated membership of nine million workers across motor parks, logistics corridors and interstate transport routes presents a unique opportunity to expand pension coverage and promote long-term savings.
Responding, PenCom Director-General, Ms. Omolola Oloworaran, described the proposal as a bold intervention capable of transforming pension inclusion in the informal sector, noting that expanding pension coverage remains a key priority for the commission.
She added that the initiative aligns with ongoing efforts to strengthen retirement security for Nigerians while supporting economic development through increased savings mobilization and financial inclusion.
Stakeholders believe that beyond enhancing retirement protection for transport workers, the proposed partnership could unlock new opportunities for transport sector modernization and serve as a model for extending pension coverage to other informal-sector groups across the country.
