FG to unveil new payment platform to replace REMITA
Kunle Sanni
The Federal Government is set to launch a new payment platform today to replace REMITA, the system previously used for revenue collection.
According to a memo from the Office of the Accountant General of the Federation, dated February 28 and reported by PUNCH, the new platform, called the Treasury Management & Revenue Assurance System (TMRAS), aims to enhance the efficiency of federal revenue collection and payment processes.
TMRAS will be deployed across ministries, departments, and agencies (MDAs), including those managing donor funds, trust funds, social security funds, and special funds. The initiative is expected to improve transparency and accountability in government financial transactions.
“The system will go live on March 4, 2025, and will be deployed in two phases,” the memo stated.
The first phase will focus on payments and collections for the naira component only. It will allow the Office of the Accountant General of the Federation (OAGF) and MDAs to generate bank statements, track balances, and activate automatic deductions and remittances of taxes related to vendor and contractor payments, including Value Added Tax (VAT), Withholding Tax, and Stamp Duty.
The second phase, set to begin on June 1, 2025, will expand to include collections and payments involving foreign exchange, as well as integration with MDA Enterprise Resource Planning (ERP) systems.
“This phase will also cover the activation of the budget module for MDAs not included in the national budget and other non-budgetary financial activities to enforce budget control,” the memo added.
The system is designed to automatically split internally generated revenue (IGR) to ensure immediate remittance to both the Federal Government’s account and the dedicated accounts of the respective MDAs. Additionally, it will generate and provide detailed reports to both the OAGF and MDAs for enhanced transparency and accountability.
“This measure aims to completely eliminate the issuance of manual mandates, further enhancing transparency, accountability, and the efficient management of public funds,” the memo stated.
MDAs have been advised to direct all Payment Solution Service Providers (PSSPs) currently collecting on their behalf to connect with the official Central Bank of Nigeria (CBN) payment gateway for seamless coordination of government collections. The profiling of PSSPs will commence immediately, and only those approved by the Treasury will be certified and listed on TMRAS for collections.
“After this transition period, all MDAs will have stabilized on the new platform and will be required to initiate their payments exclusively through TMRAS,” the memo concluded.
According to the Federal Government, the new system aligns with the commitment of the Coordinating Minister of Finance and the National Economy, Wale Edun, to achieving “effective Treasury Management, Revenue Assurance, and improved Budget Performance of all Ministries, Departments, and Agencies, including Federal Government-Owned Enterprises.”
