The Federal Government of Nigeria is set to launch a new payment platform, Treasury Management and Revenue Assurance System (TMRAS), today, March 4, 2025, to replace REMITA for revenue collection.
This was disclosed in a memo from the Office of the Accountant General of the Federation, dated February 28, 2025, and obtained by SaharaReporters.
“The system would go live on March 4, 2025, as it will be deployed in two phases,” the memo noted.
The first phase will handle payments and collections for the naira component only.
It will also allow the OAGF and MDAs to generate bank statements, track balances, and automatically deduct and remit taxes on vendor and contractor payments, including VAT, Withholding Tax, and Stamp Duty.
The second phase, set to begin on June 1, 2025, will cover foreign exchange transactions and integrate with MDA Enterprise Resource Planning (ERP) systems.
“This phase shall also cover activation of the budget module for MDAs not in the national budget and other non-budgetary financial activities to enforce budget control,” the memo stated.
Automatic deduction of 50% of Internally Generated Revenue from Federal Government agencies and parastatals will remain in effect.
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“The split will be managed through the front-end of the TMRAS. The system is designed to automatically split IGR to ensure immediate remittance of the split to both the Federal Government’s account and the dedicated accounts of the respective MDA. Additionally, the system generates and provides detailed reports to both the OAGF and the MDA for transparency and accountability.”
All extra-budgetary payments, including those from Special Accounts, will now be processed exclusively through TMRAS.
“This measure is aimed at completely eliminating the issuance of manual mandates to further enhance transparency, accountability, and efficient management of public funds,” the memo stated.
Only CBN-licensed Payment Solution Service Providers approved by the OAGF will be allowed to collect government revenue.
“MDAs are advised to direct all PSSPs currently collecting on their behalf to connect with the official CBN-payment gateway, for instant coordination of government collections on the platform.
The process of profiling PSSPs shall commence immediately, and approved PSSPs by the Treasury shall be certificated and listed on the TMRAS for collections.”
To ensure a smooth transition, REMITA will continue operating alongside TMRAS from March 4 to May 4, 2025. “After this transition period, all MDAs would have stabilised on the new platform and will be expected to initiate their payments only on TMRAS,” it added.
According to the Federal Government, the new system aligns with the commitment of the Coordinating Minister of Finance and National Economy, Wale Edun, to achieve “effective Treasury Management, Revenue Assurance, and improved Budget Performance of all Ministries, Departments, and Agencies, including Federal Government-Owned Enterprises.”