In a major policy shift aimed at enhancing financial transparency and efficiency, the Federal Government is set to launch a new payment platform, the Treasury Management & Revenue Assurance System to replace the widely used REMITA for revenue collection.
The move, scheduled to take effect today, March 4, 2025 is expected to significantly overhaul how government ministries, departments, and agencies handle payments and collections.
A memo from the Office of the Accountant General of the Federation, dated February 28, 2025 revealed that TMRAS will be deployed in two phases to ensure a seamless transition.
The introduction of TMRAS marks a deliberate effort by the Federal Government to tighten revenue leakages, enforce automatic remittance of taxes, and improve budgetary control.
The system will integrate directly with government financial frameworks to enhance real-time monitoring of funds, reduce manual intervention, and eliminate irregularities in the handling of government revenue.
The Phase 1 (March 4, 2025), will focus on naira-based transactions, allowing MDAs to track balances, generate bank statements, and automate tax deductions, including VAT, Withholding Tax, and Stamp Duty.
Meanwhile Phase 2 (June 1, 2025), will expand to cover foreign exchange transactions and integrate with MDA Enterprise Resource Planning (ERP) systems. It will also activate the budget module for agencies outside the national budget, further enforcing fiscal discipline.
A key feature of TMRAS is its ability to automatically deduct 50% of Internally Generated Revenue from Federal Government agencies, ensuring prompt remittance to government coffers.
In a significant policy shift, all extra-budgetary payments, including Special Accounts transactions, will now be processed exclusively through TMRAS.
This measure seeks to end the era of manual mandates, which have been prone to abuse and inefficiencies, ensuring greater accountability in public financial management.
The memo also directed that only CBN-licensed Payment Solution Service Providers approved by the OAGF will be permitted to collect government revenue.
MDAs using other payment providers have been instructed to switch to the official CBN-payment gateway, with profiling of PSSPs set to commence immediately.
To ensure a smooth switch, REMITA will continue running alongside TMRAS until May 4, 2025. By that time, all MDAs are expected to have fully migrated to the new system.
The unveiling of TMRAS aligns with the commitment of Coordinating Minister of Finance and National Economy, Wale Edun to implement effective Treasury Management, Revenue Assurance, and improved Budget Performance across government agencies.
