The Federal Government of Nigeria will today, March 4, 2025, officially launch a new Treasury Management & Revenue Assurance System (TMRAS) to replace REMITA as the primary platform for revenue collection and financial management across all Ministries, Departments, and Agencies (MDAs).
The move, aimed at enhancing efficiency, transparency, and accountability, was disclosed in an official memo from the Office of the Accountant General of the Federation (OAGF), dated February 28, 2025, and obtained by The Bureau Newspaper.
Phased Implementation of TMRAS
According to the memo, the rollout of TMRAS will take place in two phases:
Phase One – Starting March 4, 2025, this phase will focus on managing Naira-denominated payments and collections. MDAs will be able to:
- Generate bank statements and track balances.
- Enable automatic deduction and remittance of taxes, such as VAT, Withholding Tax, and Stamp Duty, for vendor and contractor payments.
Phase Two – Expected to commence on June 1, 2025, this phase will extend the platform to handle:
- Foreign exchange payments and collections.
- Integration with MDA Enterprise Resource Planning (ERP) systems.
- Budget control measures for MDAs not included in the national budget.
Automatic Revenue Deductions & Budget Control
The Federal Government’s directive to automatically deduct 50 percent of Internally Generated Revenue (IGR) from Federal Government agencies and parastatals remains in effect. The TMRAS platform will:
- Automatically split and remit IGR between the Federal Government’s account and the MDAs’ dedicated accounts.
- Provide detailed transaction reports to both the OAGF and MDAs, ensuring transparency and accountability.
- Process all extra-budgetary payments, including those from special accounts, exclusively through the platform, eliminating manual mandate issuance.
Licensed Payment Solution Service Providers (PSSPs) Required
Under the new system, only CBN-licensed Payment Solution Service Providers (PSSPs) approved by the OAGF will be authorized to collect government revenue.
MDAs are expected to direct all third-party PSSPs currently collecting revenue on their behalf to integrate with the official CBN payment gateway for instant coordination of government transactions.
Transition Period: REMITA to Run Concurrently Until May 4, 2025
To ensure a smooth transition, REMITA will continue running alongside TMRAS from March 4 to May 4, 2025. After this period, MDAs must initiate all payments exclusively on the new platform.
A Step Toward Improved Public Finance Management
The Federal Government stated that this new system aligns with the objectives of Coordinating Minister of Finance and National Economy, Wale Edun, to:
- Improve Treasury Management & Revenue Assurance.
- Enhance Budget Performance across MDAs.
- Strengthen the financial framework for Federal Government-Owned Enterprises (FGOEs).
As the system goes live, all government revenue collection activities will be streamlined through TMRAS, marking a significant shift in Nigeria’s public finance management strategy.