The federal government is set to officially introduce a new payment platform on March 4, 2025, replacing REMITA, the longstanding platform for revenue collection in Nigeria.
According to a memo from the office of the accountant general of the federation, dated February 28, 2025, and accessed by newsmen on Monday, the upgraded platform, Treasury Management and Revenue Assurance System (TMRAS) aims to optimize, and centralize federal revenue collection, and payment processes across ministries, departments, agencies, and entities managing donor funds, trust funds, social security funds, and special funds.
The memo clarified that TMRAS will be launched in two phases, with the first phase which begins on March 4, 2025, focusing solely on transactions in local currency.
This phase will empower the office of the accountant general of the federation, and ministries, departments, agencies to generate real-time bank statements, monitor account balances, and automate tax deductions (including VAT, withholding tax, and stamp duty) during vendor, and contractor payments.
The second phase, scheduled for launch on June 1, 2025, will expand to foreign exchange transactions, and integrate with the enterprise resource planning systems of ministries, departments, agencies.
This stage will also activate budget modules for ministries, departments, agencies, outside the national budget framework, to enforce stricter fiscal controls over non-budgetary financial activities.
The document reaffirmed the continuation of the 50 percent automatic deduction policy for internally generated revenue from federal agencies and parastatals.
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Under TMRAS, revenue splits will be processed through the platform’s interface, ensuring instant remittance of shares to both federal coffers and designated ministries, departments, agencies accounts. Detailed reports will also be auto-generated for transparency.
Furthermore, all extra-budgetary payments, including those from special accounts, will now be processed exclusively, through TMRAS. This shift aims to eliminate manual payment mandates entirely, bolstering accountability and efficient management of public funds.
The memo emphasized that only Central Bank of Nigeria-approved payment solution service providers, certified by the office of the accountant general of the federation will be authorized to handle government revenue collections.
Ministries, departments, agencies have been instructed to direct existing payment solution service providers to integrate with the official.
