The Federal Government has unveil a new payment platform, the Treasury Management & Revenue Assurance System (TMRAS), on March 4, 2025, replacing the existing REMITA system used for revenue collection. This announcement was made in a memo issued by the Office of the Accountant General of the Federation (OAGF) on February 28, 2025.
The TMRAS is designed to streamline and enhance federal revenue collection and payment processes across all ministries, departments, and agencies (MDAs), including those managing donor funds, trust funds, social security funds, and special funds.
Phased Implementation
The new system will be deployed in two phases:
1. First Phase (March 4, 2025):
- Focuses on naira-denominated payments and collections.
- Enables the OAGF and MDAs to generate bank statements, track balances, and automate the deduction and remittance of taxes such as VAT, Withholding Tax, and Stamp Duty from vendor and contractor payments.
2. Second Phase (June 1, 2025):
- Expands to cover foreign exchange transactions and integrates with MDA Enterprise Resource Planning (ERP) systems.
- Activates the budget module for MDAs not included in the national budget, ensuring better budget control and management of non-budgetary financial activities.
Key Features of TMRAS
- Automatic IGR Deductions: The system will continue the automatic deduction of 50% of Internally Generated Revenue (IGR) from federal agencies and parastatals. It will split the IGR between the Federal Government’s account and the respective MDA’s dedicated account, providing detailed reports for transparency and accountability.
- Extra-Budgetary Payments: All payments from Special Accounts will now be processed exclusively through TMRAS, eliminating the need for manual mandates and enhancing the efficient management of public funds.
- Approved Payment Providers: Only CBN-licensed Payment Solution Service Providers (PSSPs) approved by the OAGF will be authorized to collect government revenue. MDAs are required to direct their current PSSPs to connect with the official CBN payment gateway for seamless coordination.
Transition Period
To ensure a smooth transition, REMITA will operate concurrently with TMRAS from March 4 to May 4, 2025. By the end of this period, all MDAs are expected to fully migrate to the new platform and initiate payments exclusively through TMRAS.
Alignment with Government Goals
The introduction of TMRAS 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 across all federal entities, including government-owned enterprises.