The Federal Government has unveiled a new payment platform to replace REMITA, which has been used for revenue collection.
This was revealed in a memo from the Office of the Accountant General of the Federation, dated February 28, 2025, and obtained by The PUNCH.
The new platform, named Treasury Management & Revenue Assurance System, TMRAS, is designed to streamline and manage federal revenue collections and payments across ministries, departments, and agencies, including those benefiting from donor funds, trust funds, social security funds, and special funds.
“The system would go live on March 4, 2025, as it will be deployed in two phases,” the memo noted.
According to the memo, the first phase will cover payments and collections for the naira component only. It will also enable the OAGF and MDAs to generate bank statements, track balances, and activate automatic deduction and remittance of taxes associated with vendor and contractor payments, including VAT, Withholding Tax, and Stamp Duty.The second phase, expected to commence on June 1, 2025, will cover collections and payments involving foreign exchange and integration 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.The document further emphasised that automatic deduction of 50% of Internally Generated Revenue from Federal Government agencies and parastatals will remain in effect.
“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.”It added that all extra-budgetary payments, including those from Special Accounts, will now be processed exclusively through TMRAS.
READ MORE:
- FIFA WCQ: Osimhen Scores Twice as Nigeria Defeats Rwanda 2-0
- Soludo Embarks on Massive Road Projects in Nnewi and Oraifite
- EFCC Arrest 10 Suspected Internet Fraudsters In Uyo
- Rwanda vs Nigeria: Chelle Names Super Eagles Starting XI
- Coalition: Atiku, Others “Sore Losers”, Won’t Succeed – Presidency
“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.Additionally, only CBN-licensed Payment Solution Service Providers approved by the OAGF will be permitted 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 running concurrently with 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.
Acoording 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.”
What to know about TMRAS
The Treasury Single Account (TSA) has relied heavily on Remita for revenue collection, but its shortcomings have hindered efficiency and transparency. TMRAS, a new government-controlled system, offers a more structured solution that eliminates unnecessary third parties and improves oversight of financial transactions.
A major advantage of TMRAS over Remita is its direct integration with the Office of the Accountant General of the Federation (OAGF).
A major advantage of TMRAS over Remita is its direct integration with the Office of the Accountant General of the Federation (OAGF).
Remita functions as a third-party payment gateway, which means that MDAs must go through an external system to access their funds. TMRAS removes this extra layer by allowing MDAs to track balances, generate bank statements, and process payments directly through the OAGF portal.
The system introduces an automated framework for tax deductions, ensuring that Value Added Tax (VAT), Withholding Tax, and Stamp Duty are deducted and remitted at the point of payment.
Manual tax deductions have led to compliance gaps and revenue losses in the past, making this automation a critical improvement.
TMRAS brings better budget control mechanisms that prevent unauthorised expenditures. MDAs that are not part of the national budget must upload and operate within their approved spending limits, which strengthens financial discipline across government agencies.
The system also addresses delays and irregularities in revenue remittance. An automatic 50% split of Internally Generated Revenue (IGR) ensures that funds are immediately shared between the Federal Government and MDAs, reducing opportunities for mismanagement.
Publisher,
Lagos Post Online,
Lagos Post is an online publication that seeks to provide fair, unbiased, credible, balanced and useful information about Corporate Organisations, Governments and the General Public by breaking news in Business, Politics, Arts, Entertainment, Culture, and Sports in Nigeria, Africa and the World. As a global news portal, we continually stand for responsible journalism and sound media practice.
Mobile: +238025837037
Email: lagospostng@gmail.com
