PenCom, NURTW Collaborate for Transport Workers' Pensions

The Pension Commission (PenCom) and the National Union of Road Transport Workers (NURTW) have initiated discussions to establish a partnership aimed at enrolling an estimated nine million transport workers in Nigeria's contributory pension scheme. This initiative was disclosed in a statement issued by PenCom following a courtesy visit by NURTW President Musiliu Akinsanya, also known as MC Oluomo, to PenCom's headquarters in Abuja.

The collaboration focuses on expanding pension coverage among transport workers and exploring financial models to support the acquisition of modern mass transit vehicles across Nigeria. PenCom proposed a three-pronged partnership framework that includes mass enrollment of transport workers into personal pension plans and the deployment of an automated daily pension contribution system linked to existing transport revenue collection platforms.

This initiative is designed to enhance access to modern vehicles and create a sustainable financial framework for transport operators. The partnership is expected to improve repayment efficiency, reduce financial risks, and promote a culture of long-term savings among transport workers.