The Nigerian government has announced the replacement of REMITA with a new payment system, the Treasury Management & Revenue Assurance System (TMRAS), as its official revenue collection platform. The transition will begin on Tuesday, March 4, 2025.
The Office of the Accountant General of the Federation (OAGF) confirmed this development in a memo dated February 28, 2025. Speaking on Tuesday, OAGF spokesperson Bawa Mokwa verified the memo’s authenticity, stating that further clarifications would be provided.
According to the memo, TMRAS is designed to enhance federal revenue management by streamlining collections and payments across ministries, departments, and agencies (MDAs). It will also cover entities handling donor funds, trust funds, social security funds, and special funds.
The new system will be rolled out in two phases:
Phase 1 (March 4, 2025): This phase will handle only naira-based transactions, enabling MDAs and the OAGF to generate bank statements, track balances, and automate tax deductions for payments, including VAT, withholding tax, and stamp duty.
Phase 2 (June 1, 2025): The second phase will incorporate foreign exchange transactions and integration with MDA Enterprise Resource systems. It will also activate the budget module for MDAs outside the national budget, ensuring stricter budgetary controls.
The OAGF emphasized that automatic deduction of 50% of Internally Generated Revenue (IGR) from federal agencies and parastatals will remain in force. TMRAS is designed to instantly split IGR, ensuring direct remittance to both the Federal Government’s account and the respective MDA accounts.
The system will also generate detailed financial reports for both the OAGF and MDAs to enhance transparency and accountability in public finance management.
To ensure a smooth transition, REMITA will continue operating alongside TMRAS from March 4 to May 4, 2025. After this period, all MDAs will be required to fully migrate to TMRAS for their financial transactions.
The government’s move to TMRAS aligns with its broader efforts to enhance efficiency, accountability, and control in managing public funds.
A story of courage, wonder, and the transformative power of self-belief; perfect for readers aged 10+ who love adventure. To place order: +234 806 130 3237 | +234 803 582 0870 OR Tap the link to grab a copy:https://www.zeekapublish.com/product/the-magical-life-of-anna
