The Federal Government of Nigeria is set to unveil a new payment platform, the Treasury Management & Revenue Assurance System (TMRAS), today, March 4, 2025, marking the beginning of a major shift in the country’s financial management. This new platform is designed to replace REMITA, which has been used for government revenue collection for several years.
The announcement was made in a memo from the Office of the Accountant General of the Federation (OAGF), dated February 28, 2025. The memo, which was obtained by The MeteorNg on Monday, outlined the phased implementation of the TMRAS system. The government has stated that the new platform will bring enhanced efficiency, transparency, and accountability to the management of federal revenue collections and payments across ministries, departments, and agencies (MDAs).
The TMRAS system is designed to streamline and manage federal revenue collections and payments, including those from special funds, donor funds, social security funds, and trust funds. According to the memo, the platform will go live today, March 4, 2025, and will be deployed in two phases.
The first phase, which focuses on naira-based transactions, will include payment and collection processes for MDAs and enable them to generate bank statements, track balances, and activate automatic deductions and remittances of taxes associated with vendor and contractor payments. These taxes include Value Added Tax (VAT), Withholding Tax, and Stamp Duty. The system is also designed to automatically split 50% of Internally Generated Revenue (IGR) from government agencies and parastatals for immediate remittance to both the Federal Government’s account and the respective MDAs’ accounts. This measure aims to improve the speed and accuracy of revenue transfers.
The second phase, expected to begin on June 1, 2025, will expand the system to include foreign exchange transactions and integrate with MDA Enterprise Resource Planning (ERP) systems. This phase will also introduce a budget module for MDAs not in the national budget, helping to enforce better budget control and management of extra-budgetary financial activities.
In the memo, the OAGF highlighted the importance of this shift, stating that the new system would eliminate manual mandates and improve transparency in the processing of extra-budgetary payments, including those from special accounts. The memo outlined that only Central Bank of Nigeria (CBN)-licensed Payment Solution Service Providers (PSSPs) approved by the OAGF will be allowed to collect government revenue, ensuring that the process is standardised and efficient.
As part of the transition to the new TMRAS system, all existing PSSPs that have been collecting payments on behalf of MDAs will be required to connect with the official CBN payment gateway. This step will ensure that all government collections are streamlined into the TMRAS platform. The profiling of PSSPs will begin immediately, and those approved will be listed on the TMRAS platform for collection purposes.
The government has stated that there will be a transition period, with REMITA continuing to run alongside TMRAS from March 4 to May 4, 2025. This dual operation will allow MDAs to adjust to the new platform, and by May 5, 2025, all MDAs will be expected to process their payments exclusively through TMRAS.
The federal government’s decision to replace REMITA with TMRAS is part of a broader initiative to improve Treasury Management, Revenue Assurance, and Budget Performance within the government. According to the memo, the new system is in line with the commitment of the Coordinating Minister of Finance and National Economy, Wale Edun, to enhance the management of public funds and improve accountability across all MDAs, including Federal Government-Owned Enterprises.
For Ministries, Departments, and Agencies (MDAs), the introduction of TMRAS will have several implications. The new system will simplify the process of generating bank statements, tracking balances, and making deductions for taxes like VAT and Withholding Tax. This will not only ensure more accurate record-keeping but also enhance compliance with tax regulations.
