The Federal Government of Nigeria is launching a new revenue collection platform today, March 4, 2025, to replace REMITA. The new platform, called Treasury Management & Revenue Assurance System (TMRAS), aims to streamline and manage federal revenue collections and payments across various ministries, departments, and agencies.
TMRAS will be deployed in two phases. The first phase, starting today, will cover naira payments and collections, enabling the Office of the Accountant General of the Federation (OAGF) and Ministries, Departments, and Agencies (MDAs) to generate bank statements, track balances, and automate tax deductions.
The second phase, scheduled to begin on June 1, 2025, will cover foreign exchange transactions and integrate with MDA Enterprise Resource Planning (ERP) systems.
Some key features of TMRAS include:
- Automatic Deduction of Internally Generated Revenue: 50% of IGR will be automatically deducted from Federal Government agencies and parastatals.
- Enhanced Transparency and Accountability: TMRAS will provide detailed reports to the OAGF and MDAs.
- Streamlined Extra-Budgetary Payments: All extra-budgetary payments will be processed exclusively through TMRAS.
To ensure a smooth transition, REMITA will continue to run concurrently with TMRAS until May 4, 2025. After this period, all MDAs will be expected to initiate payments only on TMRAS.
Get real time update about this post category directly on your device, subscribe now.