By The Nigerian Government has dropped the Remita platform previously used for revenue collection, and has replaced it with the Treasury Management and Revenue Assurance System (TMRAS).
This launch of TMRAS system ends the business of Remita with the Government, as the new system intends to improve the management of federal revenue collections and payments among ministries, departments, and agencies (MDAs).
This development was reported in a memo from the Federation’s accountant general.
According to the statement, the system would be implemented in two phases.
The first phase, which begins on March 4 and covers payments and collections for the Naira component, will allow MDAs to print bank statements, track balances, and automate tax deductions such as VAT, Withholding Tax, and Stamp Duty.
The second phase, set to begin on June 1, 2025, will expand the platform’s capabilities to include foreign exchange transactions and link with MDA Enterprise Resource Planning systems.
It will also require federal agencies and parastatals to deduct 50% of their internal revenue automatically.
TMRAS is intended to automatically split internal generated revenue, assuring rapid transfer to both the federal government and the relevant MDAs.
Furthermore, all extra-budgetary payments, including those from special accounts, will be processed entirely through TMRAS, eliminating administrative obligations.
Prior to this transition, the front-end payment infrastructure for the Nigerian government’s revenue collection was managed by SystemSpecs, the company behind the Remita platform.
Remita has been serving as the gateway for the Treasury Single Account (TSA) of the Nigerian government since 2012.
The government’s plan to take over the management of this infrastructure aims to expand the collection system to accommodate other Central Bank of Nigeria (CBN)-licensed payment solution service providers.
