The Federal Government of Nigeria has introduced a new revenue collection platform, Treasury Management & Revenue Assurance System (TMRAS), to take over from REMITA.
The new system, which will officially launch today, March 4, 2025, is designed to improve the management of federal revenue collection and payments across ministries, departments, and agencies.
According to a memo from the Office of the Accountant General of the Federation (OAGF), the transition to TMRAS will be in two stages.
The first phase, starting today, will handle naira payments and collections.
It will allow government agencies to track balances, generate bank statements, and ensure automatic deductions for taxes such as VAT, Withholding Tax, and Stamp Duty on vendor and contractor payments.
The second phase, scheduled for June 1, 2025, will include transactions in foreign exchange and integrate with the financial systems of government agencies.
It will also activate budget controls for agencies not included in the national budget.
The government stated that federal agencies will still be required to remit 50% of their Internally Generated Revenue (IGR).
TMRAS will automatically distribute these funds between the government’s main account and the respective agencies.
All financial transactions from Special Accounts will now be processed exclusively through the new system to eliminate manual processing and improve transparency.
To ensure smooth revenue collection, only CBN-approved Payment Solution Service Providers will be allowed to operate on TMRAS.
Ministries and agencies have been directed to ensure their current payment providers link to the CBN’s official payment gateway.
A transition period has been set from March 4 to May 4, 2025, during which REMITA will operate alongside TMRAS. After this, all government payments and collections will be processed only through the new system.
The Federal Government believes TMRAS will enhance treasury management, improve revenue collection, and strengthen budget performance.
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