The Remita platform has been replaced with the Treasury Management and Revenue Assurance System (TMRAS), a new revenue collecting platform, introduced by the Federal Government of Nigeria on Tuesday.
The Federation’s accountant-general, Dr. Oluwa Oyin Madein, FCCA, FCA, FCNA, revealed this in a statement.
The Office of the Accountant-General of the Federation (OAGF) is leading the initiative, which is in line with President Bola Tinubu’s and the Minister of Finance’s directives to improve Treasury Management, Revenue Assurance, and Budget Performance for Federal Government-Owned Enterprises (FGOEs) and Ministries, Departments, and Agencies (MDAs).
The directive states that MDAs that now use the Remita platform to access money would switch to TMRAS by visiting the OAGF website at www.fgntreasury.gov.ng.
“All MDAs, including those that currently access funds at the CBN through the Remita platform, shall now access their funds via the Treasury Management and Revenue Assurance System using the OAGF website (www.fgntreasury.gov.ng),” the circular stated.
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Phased rollout to transition from Remita to TMRAS
OAGF said that the TMRAS would formally launch in a phased rollout starting from Tuesday, March 4, 2025.
There will be two stages to the transition to TMRAS:
Phase One (March 4, 2025): This phase will deal with Naira payments and collections, allowing OAGF and MDAs to create bank statements and balances and enabling automatic tax deductions on vendor payments.
Phase Two (June 1, 2025): In this phase, the budget module for non-budgetary MDAs will be activated, foreign exchange (FX) transactions will be introduced, and MDA ERP systems will be integrated.
The OAGF promised to automatically transition all current Remita users while keeping their login information. A one-time password that needs to be changed upon first login will be sent to new users via email.
“All current and active users on the Remita platform will automatically be able to log into the Treasury Management and Revenue Assurance System using the same username and Corporate previously set up on the Remita system. Once any user is created, an automated email notification detailing the username and one-time password shall be sent. The system will mandate a change of the one-time password at first login,” it added.
MDAs to interface with ERP systems
Additionally, all MDAs must interface TMRAS with their financial or Enterprise Resource Planning (ERP) systems to provide smooth budget control, payment processing, automatic bank statement distribution, and collections.
All contractors that wish to receive payments under the new system must register with the Federal Inland Revenue Service (FIRS).
Value Added Tax (VAT), Withholding Tax (WHT), and Stamp Duty are among the tax-deductible payments that will be handled concurrently with vendor payments.
“The system shall not permit any payment without the associated tax components,” the directive emphasised.
The enforcement of budget discipline is one of the platform’s primary features.
When spending is limited to authorised limitations, MDAs that are not supported by the national budget are required to post their approved budgets on TMRAS.
“The system shall permit MDA to spend within her approved budget limits in any fiscal year. Any request to spend beyond these limits shall be approved by the appropriate authority and forwarded to the Federal Ministry of Finance via the Office of the Accountant-General of the Federation (OAGF) for further approval.”
The budget module will be activated in June 2025, and in order to guarantee a seamless transition, engagements will start immediately.
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Key features of TMRAS
The new system has a number of elements designed to increase financial efficiency and transparency:
Integration with MDA financial systems: For automated bank statements, budget controls, and transaction reconciliation, all Enterprise Resource Planning (ERP) systems utilised by MDAs need to be integrated with TMRAS.
Upload and control of the budget: MDAs that do not receive funding from the national budget are required to post their authorised budgets on the platform and spend within those limitations.
Split of internally generated income (IGR): The system will automatically take 50% of IGR from parastatals and federal government entities.
Extra-budgetary payment processing: To maintain transparency and do away with manual requirements, payments from special accounts must be handled via TMRAS.
Payment Solution Service Provider (PSSP) management: Only OAGF-approved PSSPs with a CBN license are permitted to collect money on behalf of MDAs.
Training and support services: To guarantee a seamless transition, MDAs will receive training and sensitisation immediately.
Beginning on March 4, 2025, the present Remita platform will operate alongside TMRAS for two months in order to reduce any disturbance. All payments must be made via TMRAS exclusively after the transition period.