Nigeria to Launch Treasury Management & Revenue Assurance System (TMRAS) For Revenue Collection

The Federal Government of Nigeria (FGN) is set to introduce a new payment platform, the Treasury Management & Revenue Assurance System (TMRAS), to replace Remita for revenue collection. The new system will officially launch on March 4, 2025.

According to a statement released on February 28 by the Office of the Accountant General of the Federation (OAGF), TMRAS is designed to manage revenue collections and payments across federal ministries, departments, and agencies (MDAs), including entities handling donor funds, trust funds, social security funds, and special funds.

The implementation of TMRAS will occur in two phases. The first phase, launching on March 4, will facilitate payments and collections for the naira component. Additionally, the system will enable the OAGF and MDAs to generate bank statements, monitor balances, and automate tax deductions and remittances for vendor and contractor payments, covering VAT, Withholding Tax, and Stamp Duty.

“All MDAs, including those currently accessing funds through the Remita platform at the Central Bank of Nigeria (CBN), shall now access their funds via the Treasury Management and Revenue Assurance System using the OAGF website (www.fgntreasury.gov.ng),” the statement confirmed.

The second phase, scheduled for deployment on June 1, 2025, will extend TMRAS functionality to foreign exchange transactions and integrate 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 budget control over non-budgetary financial activities.

Additionally, the automatic deduction of 50% of internally generated revenue (IGR) from FG agencies and parastatals will remain in effect. The system is designed to instantly split IGR between the Federal Government’s account and the respective MDA’s designated accounts while providing detailed reports for enhanced transparency and accountability.

The FG emphasized that all extra-budgetary payments, including those from Special Accounts, will now be processed exclusively through TMRAS. The new platform aims to eliminate manual mandate issuance, strengthen transparency, and improve the efficiency of public fund management.