Federal Government To Launch New Payment Platform To Replace REMITA.
The Federal Government is set to introduce a new payment system today, 4 March 2025, to replace REMITA, which has long been utilised for revenue collection.
This development was disclosed in a memo from the Office of the Accountant General of the Federation (OAGF), dated 28 February 2025, and obtained by The PUNCH on Monday.
The new system, known as the Treasury Management & Revenue Assurance System (TMRAS), is designed to enhance efficiency in managing federal revenue collections and payments across ministries, departments, and agencies (MDAs). It will also cater to entities benefiting from donor funds, trust funds, social security funds, and special funds.
According to the memo, the platform will be rolled out in two phases, with the first phase going live today.
“The system will commence operations on 4 March 2025, and its deployment will be executed in two stages,” the memo stated.
Key Features of the First Phase
The initial stage of implementation will focus on naira-based payments and collections, allowing the OAGF and MDAs to:
– Generate bank statements and track balances.
– Automate the deduction and remittance of taxes, including Value Added Tax (VAT), Withholding Tax, and Stamp Duty on vendor and contractor payments.
Second Phase to Cover Foreign Exchange Transactions
The second phase, scheduled to begin on 1 June 2025, will extend to transactions involving foreign exchange and integration with MDA Enterprise Resource Planning (ERP) systems. Additionally, it will:
– Activate the budget module for MDAs not included in the national budget.
– Enforce budgetary control over non-budgetary financial activities.
Furthermore, the document reaffirmed that the automatic deduction of 50% of Internally Generated Revenue (IGR) from federal agencies and parastatals would remain in place.
The introduction of TMRAS marks a significant step towards enhancing financial transparency, efficiency, and budgetary discipline in Nigeria’s public sector.
