The Federal Government of Nigeria (FGN) has introduced a new payment platform, the Treasury Management & Revenue Assurance System (TMRAS), to replace the widely used Remita for revenue collection. The new system, designed to enhance transparency and efficiency in managing public funds, officially launches today, March 4, 2025.
According to a memo issued by the Office of the Accountant General of the Federation (OAGF) on February 28, TMRAS will streamline revenue collections and payments across federal ministries, departments, and agencies (MDAs). This includes organizations benefiting from donor funds, trust funds, social security funds, and other special accounts.
The implementation of TMRAS will occur in two phases:
Phase One: Starting today, this phase will focus on payments and collections in naira. It will allow MDAs and the OAGF to generate bank statements, track balances, and automate the deduction and remittance of taxes such as VAT, Withholding Tax, and Stamp Duty.
Phase Two: Scheduled for June 1, 2025, this phase will expand to include payments and collections involving foreign currencies. It will also integrate with MDA Enterprise Resource Planning (ERP) systems and activate a budget module for MDAs not included in the national budget.
The platform introduces several features aimed at improving financial management:
Automatic Revenue Splitting: Internally Generated Revenue (IGR) from federal agencies will be automatically split between the Federal Government’s account and the respective MDAs’ accounts.
Enhanced Reporting: Detailed financial reports will be generated for both the OAGF and MDAs to ensure accountability.
Elimination of Manual Processes: All extra-budgetary payments will now be processed exclusively through TMRAS, eliminating manual mandates.
Certified Payment Solution Providers: Only Central Bank of Nigeria (CBN)-licensed Payment Solution Service Providers approved by the OAGF will be allowed to collect government revenue.
To ensure a smooth transition, Remita will continue operating alongside TMRAS until May 4, 2025. After this period, all MDAs are expected to fully migrate to TMRAS for their payment processes.
Government’s Vision
The introduction of TMRAS aligns with the commitment of Wale Edun, Coordinating Minister of Finance and National Economy, to improve treasury management, revenue assurance, and budget performance across federal agencies. The government aims to enhance transparency and accountability while ensuring efficient public fund management.
