FG to launch treasury management, revenue assurance system to replace REMITA

The Federal Government of Nigeria is set to unveil a new payment platform today, March 4, 2025, to replace REMITA, which has been the primary system for revenue collection.

The new platform, named the Treasury Management & Revenue Assurance System (TMRAS), aims to enhance efficiency, transparency, and accountability in federal revenue collection and payments.

This development was disclosed in a memo issued by the Office of the Accountant General of the Federation (OAGF), dated February 28, 2025.

According to the document, the TMRAS will be deployed in two phases, with the first phase focusing on naira-denominated transactions and the second phase, beginning June 1, 2025, covering foreign exchange transactions and integration with enterprise systems.

Enable the OAGF and MDAs to generate bank statements, track balances, and ensure automatic deduction and remittance of taxes related to vendor and contractor payments, including Value Added Tax (VAT), Withholding Tax, and Stamp Duty.

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Activate a budget module for MDAs outside the national budget and manage non-budgetary financial activities to enforce budget controls.

The memo reaffirmed that the automatic deduction of 50% of Internally Generated Revenue (IGR) from Federal Government agencies and parastatals will remain in effect. The system will automatically split IGR into designated accounts, ensuring immediate remittance and detailed reporting to enhance transparency and accountability.

Additionally, all extra-budgetary payments, including those from Special Accounts, will now be processed exclusively through TMRAS, eliminating manual mandate issuance and ensuring real-time fund management.

Only CBN-licensed Payment Solution Service Providers (PSSPs) approved by the OAGF will be permitted to collect government revenue under the new system. MDAs currently utilizing independent PSSPs have been directed to migrate to the CBN’s payment gateway, ensuring a centralized and coordinated collection process.

To ensure a smooth transition, REMITA will continue running concurrently with TMRAS from March 4 to May 4, 2025. After this period, MDAs will be required to fully migrate to TMRAS for all payment transactions.

According to the Federal Government, the new system aligns with the commitment of the Coordinating Minister of Finance and National Economy, Wale Edun, to achieving effective treasury management, revenue assurance, and improved budget performance across MDAs, including Federal Government-Owned Enterprises (FGOEs).

The introduction of TMRAS is expected to enhance fiscal discipline, reduce leakages, and improve revenue efficiency in line with Nigeria’s ongoing economic reforms.