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New system to streamline federal revenue collection without replacing REMITA.
The Federal Government of Nigeria has officially launched the Treasury Management & Revenue Assurance System (TMRAS), a next-generation digital platform. It is designed to enhance revenue collection, transparency, and financial management across federal ministries, departments, and agencies (MDAs).
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The Office of the Accountant General of the Federation (OAGF) confirmed that the implementation of TMRAS will occur in phases .This will help to ensure a smooth transition without disrupting existing payment processes.
Phase One, which is already operational, focuses exclusively on naira-based transactions and collections. Phase Two, set to launch on June 1, 2025, will expand the system to handle foreign exchange transactions and seamlessly integrate with Enterprise Resource Planning (ERP) systems used by MDAs.
TMRAS: Not a Replacement for REMITA
Amid speculation and controversy, the OAGF has clarified that the Federal Government is not replacing REMITA. This is the dominant payment gateway in use since 2012 for managing the Treasury Single Account (TSA).
“TMRAS is an enhancement, not a replacement. REMITA will continue to operate and will be fully integrated into the new system,” the OAGF stated.
REMITA, owned by indigenous technology solutions provider SystemSpecs Limited, has been the backbone of Nigeria’s electronic payment ecosystem for over a decade. The launch of TMRAS has sparked debates about potential political motivations. But the government maintains that its objective is to create a more competitive, efficient, and technologically advanced revenue collection system.
“Our commitment to supporting the indigenous tech industry remains unwavering. The introduction of TMRAS fosters a more competitive and robust payment environment, improving financial oversight and revenue generation across MDAs,” the OAGF reiterated.
Understanding the Treasury Management & Revenue Assurance System (TMRAS)
TMRAS is designed to streamline revenue collection, payment processing, and financial oversight across all Federal Government MDAs, including those managing:
- Donor funds
- Trust funds
- Social security funds
- Special government accounts
Key Functions of TMRAS
- Automated Revenue Splitting: The system automatically splits Internally Generated Revenue (IGR) in real-time, ensuring immediate remittance to both the Federal Government and the respective MDA’s dedicated account.
- Processing of Extra-Budgetary Payments: TMRAS will eliminate bureaucratic bottlenecks by ensuring all special account transactions are processed digitally.
- Real-Time Revenue Deductions: In line with government policy, the system will automatically deduct 50% of IGR from federal agencies and parastatals and remit the funds instantly.
- Financial Transparency & Reporting: TMRAS is designed to generate detailed financial reports, offering the OAGF and MDAs unprecedented visibility into transactions, revenue flow, and financial health.
Key Benefits of TMRAS Implementation
- Increased Revenue Collection: By automating and streamlining payment processes, TMRAS will significantly reduce leakages and boost government revenue.
- Faster & More Efficient Transactions: The system ensures that IGR remittances and federal revenue collections occur in real-time, improving cash flow and reducing delays in fund disbursement.
- Enhanced Financial Accountability: TMRAS will provide comprehensive oversight, ensuring that MDAs operate with greater transparency and adherence to financial regulations.
- Improved Integration with Existing Systems: REMITA and other payment gateways will continue to operate alongside TMRAS, ensuring a seamless transition while maintaining business continuity.
- Foreign Exchange Capability (From 2025): When Phase Two launches in June 2025, TMRAS will support FX transactions, allowing MDAs to manage international payments and multi-currency revenue collections.
A Strategic Step Toward a More Transparent Financial System
The launch of the Treasury Management & Revenue Assurance System (TMRAS) represents a critical milestone in Nigeria’s digital finance transformation.
TMRAS is poised to strengthen the government’s fiscal management, increase revenue efficiency, and bolster accountability across MDAs. The government said it would enhance revenue collection, improve payment processes, and ensure real-time financial reporting,
With the seamless integration of REMITA and upcoming support for FX transactions, TMRAS will serve as a foundational pillar for Nigeria’s digital economy.
