The Nigerian government has announced that the Treasury Management & Revenue Assurance System (TMRAS) will replace REMITA as the official revenue collection platform starting Tuesday, March 4, 2025.
A memo from the Office of the Accountant General of the Federation (OAGF), dated February 28, 2025, confirmed the transition. OAGF spokesperson Bawa Mokwa verified the memo’s authenticity, stating that some clarifications are still required.
Designed to enhance efficiency in managing federal revenue, TMRAS will oversee collections and payments for ministries, departments, and agencies (MDAs), including donor and trust funds, social security funds, and special funds. The system will be rolled out in two phases, with the initial phase handling only naira-based transactions.
TMRAS will allow MDAs and the OAGF to generate bank statements, track balances, and automatically deduct and remit taxes linked to vendor and contractor payments, including VAT, withholding tax, and stamp duty. The second phase, set to begin on June 1, 2025, will cover foreign exchange transactions and integration with MDA Enterprise Resource systems, along with enforcing budget controls.
The memo also reaffirmed the automatic 50% deduction of Internally Generated Revenue (IGR) from federal agencies and parastatals. The platform will automate revenue splits, ensuring prompt remittance to government accounts while providing comprehensive financial reports for accountability.
To facilitate a seamless transition, REMITA will continue operating alongside TMRAS from March 4 to May 4, 2025. After this period, MDAs will be required to process all payments exclusively through TMRAS.
Source: Swifteradio.com
