Business

FG Replaces Remita with TMRAS: New Revenue Collection Platform Unveiled

By Ettah Bright 04-Mar-2025 12:15PM

On March 4, 2025, the Federal Government of Nigeria unveiled the Treasury Management & Revenue Assurance System (TMRAS), a new platform designed to streamline and manage federal revenue collections and payments. This initiative replaces the previously used REMITA system.

 

Key Features of TMRAS:

  • Phased Deployment: The system will be implemented in two phases. The first phase, starting today, covers naira-denominated payments and collections. It enables the Office of the Accountant General of the Federation (OAGF) and Ministries, Departments, and Agencies (MDAs) to generate bank statements, track balances, and facilitate automatic deduction and remittance of taxes such as Value Added Tax (VAT), Withholding Tax, and Stamp Duty. The second phase, scheduled to commence on June 1, 2025, will address foreign exchange transactions and integrate with MDA Enterprise Resource Planning (ERP) systems.

     

  • Automatic Revenue Splitting: TMRAS is designed to automatically split Internally Generated Revenue (IGR), ensuring immediate remittance to both the Federal Government’s account and the dedicated accounts of the respective MDAs. This feature aims to enhance transparency and accountability in revenue management.

     

  • Elimination of Manual Mandates: All extra-budgetary payments, including those from Special Accounts, will now be processed exclusively through TMRAS. This measure seeks to eliminate the issuance of manual mandates, further promoting transparency and efficient management of public funds.

     

  • Integration with Approved Payment Service Providers: Only Central Bank of Nigeria (CBN)-licensed Payment Solution Service Providers (PSSPs) approved by the OAGF will be permitted to collect government revenue. MDAs are advised to direct all current PSSPs to connect with the official CBN-payment gateway for coordinated government collections on the platform.

     

Transition Period:

To ensure a smooth transition, REMITA will continue to operate concurrently with TMRAS from March 4 to May 4, 2025. After this period, all MDAs are expected to have fully transitioned to TMRAS for their payment processes.

 

This development aligns with the government's commitment to enhancing financial transparency, accountability, and efficient management of public funds across its agencies.