The National Pension Commission and the National Union of Road Transport Workers have commenced talks on a partnership to bring an estimated nine million transport workers into the Personal Pension Plan under Nigeria’s Contributory Pension Scheme.

The development was disclosed in a statement issued by PenCom on Wednesday after the NURTW National President, Musiliu Akinsanya, popularly known as MC Oluomo, paid a courtesy visit to PenCom Director-General, Ms Omolola Oloworaran, at the commission’s headquarters in Abuja.

According to PenCom, discussions centred on expanding pension coverage for transport workers in the informal sector, while also exploring financing arrangements that could facilitate the acquisition of modern mass-transit vehicles nationwide.

PenCom said the proposed partnership has the potential to significantly expand pension and financial inclusion by bringing transport workers across motor parks, logistics hubs, interstate routes and urban transit networks into the formal retirement savings system.

Speaking during the meeting, Akinsanya said the union’s extensive nationwide presence and large membership offered a unique opportunity to extend pension coverage to millions of transport workers who have historically been excluded from the formal pension system.

He explained that the union had proposed a three-pronged partnership framework that includes the large-scale enrolment of transport workers into the Personal Pension Plan, the introduction of an automated daily pension contribution system integrated with existing transport revenue collection platforms, and the establishment of a National Transport Workers Mobility Enhancement Programme.

He said the programme is aimed at enabling transport workers to acquire modern vehicles through structured and accessible financing arrangements.

“A key component of the proposal is the establishment of a sustainable financing framework that would enable transport operators to acquire buses and other transport infrastructure through support from development finance institutions, commercial banks and other stakeholders,” the statement said.

Under the proposed framework, a portion of daily collections from transport operators would be processed through existing union structures to meet vehicle financing obligations while also making contributions to individual Personal Pension Plan accounts.

Akinsanya said the model would enhance loan repayment performance, reduce financing risks and encourage a culture of long-term savings and financial security among transport workers.

“The arrangement is expected to improve repayment efficiency, reduce financing risks and encourage a culture of long-term savings among transport workers who have traditionally remained outside the formal pension net,” he said.

Responding, Oloworaran welcomed the proposal and praised the NURTW leadership for its commitment to advancing sustainable social protection and economic empowerment initiatives for its members.

She described the proposal as “a bold intervention that could significantly advance pension inclusion in the informal sector while also supporting broader economic development objectives.”

The PenCom boss reaffirmed the commission’s commitment to collaborating with the union and other stakeholders to design practical mechanisms for implementing the initiative.

She stated that expanding pension coverage remains one of PenCom’s core priorities, adding that the proposal aligns with ongoing efforts to deepen financial inclusion and enhance the economic welfare of Nigerians.

Oloworaran also noted that the proposed partnership supports key pillars of the Federal Government’s Renewed Hope Agenda, particularly in social protection, poverty reduction, economic empowerment, financial inclusion and reforms in the transport sector.

She further described the initiative as one of the most ambitious pension inclusion programmes targeting Nigeria’s informal sector in recent years.