The Federal Government introduces a new revenue collection platform, Treasury Management & Revenue Assurance System (TMRAS), which goes live today, March 4, 2025, replacing REMITA.
A memo from the Office of the Accountant General of the Federation (OAGF), dated February 28, 2025, confirms the transition, stating that the new system aims to enhance efficiency in managing federal revenue collections and payments. The platform will be used across ministries, departments, and agencies (MDAs), including organizations handling donor funds, trust funds, social security funds, and special funds.
TMRAS is being deployed in two phases. The first phase, launching today, focuses on handling naira-denominated transactions. It enables the OAGF and MDAs to generate bank statements, track account balances, and automate tax deductions and remittances for vendor and contractor payments, including Value Added Tax (VAT), Withholding Tax, and Stamp Duty.
The second phase, scheduled to begin on June 1, 2025, will expand the system’s capabilities to foreign exchange transactions and integrate it with MDA Enterprise Resource Planning (ERP) systems. This phase will also introduce a budget module for MDAs not included in the national budget, ensuring stricter financial oversight and control.
The memo further confirms that the automatic deduction of 50% of Internally Generated Revenue (IGR) from federal agencies and parastatals remains in place, reinforcing the government’s commitment to improving financial accountability and revenue management.
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