Nigeria to Roll Out Treasury Management & Revenue Assurance System (TMRAS) for Enhanced Revenue Collection

The Federal Government of Nigeria (FGN) is set to launch the Treasury Management & Revenue Assurance System (TMRAS), a new digital platform aimed at streamlining federal revenue collection and financial management. This initiative, scheduled to go live on March 4, 2025, will replace Remita as the primary payment gateway for government transactions.

According to a statement from the Office of the Accountant General of the Federation (OAGF) released on February 28, TMRAS will oversee revenue collections and payments across federal ministries, departments, and agencies (MDAs), including those managing donor funds, trust funds, social security funds, and special accounts.

Phased Implementation for Seamless Integration

The deployment of TMRAS will occur in two phases:

1. Phase One (March 4, 2025):
   • Facilitates naira-based payments and revenue collections.
   • Enables the OAGF and MDAs to generate bank statements, track balances, and automate tax deductions for vendor and contractor payments, including Value Added Tax (VAT), Withholding Tax, and Stamp Duty.
   • MDAs currently using Remita at the Central Bank of Nigeria (CBN) will transition to TMRAS, accessible via the OAGF portal (www.fgntreasury.gov.ng).
2. Phase Two (June 1, 2025):
   • Expands TMRAS functionality to foreign exchange transactions.
   • Integrates with MDA Enterprise Resource Planning (ERP) systems for enhanced automation.
   • Introduces a budget module to ensure stricter financial oversight, particularly for MDAs outside the national budget framework.

Strengthening Transparency and Financial Accountability

A key feature of TMRAS is its ability to automate the deduction of 50% of internally generated revenue (IGR) from federal government agencies and parastatals, ensuring seamless fund allocation between FGN accounts and respective MDAs. The platform will also generate detailed financial reports, enhancing transparency and accountability in government revenue management.

Furthermore, the Federal Government has mandated that all extra-budgetary transactions, including those processed through special accounts, must now be executed exclusively via TMRAS. This move aims to eliminate manual mandate issuance, enhance financial oversight, and improve public fund management efficiency.

With its automated tax remittance capabilities, real-time financial tracking, and budgetary control mechanisms, TMRAS represents a significant step towards regulatory compliance, financial crime prevention, and improved governance in Nigeria’s public sector.