The Nigerian Government has launched the Treasury Management and Revenue Assurance System (TMRAS) to replace the Remita platform for revenue collection and treasury management.
The Accountant-General of the Federation, Dr. Mrs. Oluwa Oyin Madein, disclosed this in a statement, emphasizing that the new system aligns with President Bola Tinubu’s directives to improve revenue assurance, budget performance, and transparency in government finances.
The platform, managed by the Office of the Accountant-General of the Federation (OAGF), will facilitate financial transactions for Ministries, Departments, and Agencies (MDAs) as well as Federal Government-Owned Enterprises (FGOEs).
The transition to TMRAS will be phased, with the first stage commencing on March 4, 2025, covering Naira-based payments, automatic tax deductions, and real-time bank statement access for MDAs. The second phase, set for June 1, 2025, will introduce foreign exchange transactions, integration with MDA Enterprise Resource Planning (ERP) systems, and budget control for non-budgetary MDAs.
The OAGF assured that all existing users of the Remita platform would be automatically migrated and retain their login credentials, while new users will receive one-time passwords to access the system.
A key feature of TMRAS is its tax compliance mechanism, which mandates that all vendors register with the Federal Inland Revenue Service (FIRS) before receiving payments. All tax-related deductions, including Value Added Tax (VAT), Withholding Tax (WHT), and Stamp Duty, will be processed simultaneously with vendor payments. Additionally, the platform will enforce budget control measures, ensuring MDAs adhere to approved spending limits. Any requests to exceed budgetary allocations will require approval from the Federal Ministry of Finance.
The system also introduces automated budget uploads for MDAs not funded by the national budget, with spending restricted to pre-approved limits. It will automatically deduct 50% of internally generated revenue (IGR) from federal agencies while ensuring all extra-budgetary payments are processed transparently. Only Central Bank of Nigeria (CBN)-licensed payment solution service providers approved by the OAGF will be permitted to collect revenue on behalf of MDAs, enhancing oversight and accountability.
To ensure a smooth transition, the OAGF has announced that the Remita platform will continue operating alongside TMRAS for two months. During this period, MDAs and vendors will receive training on the new system to facilitate seamless adoption. By enforcing financial discipline and improving revenue tracking, the Federal Government aims to strengthen its treasury operations and curb leakages in public finances.