By Ayodele Oni
To ensure improved financial transparency and efficiency, the Federal Government has launched a new revenue collection platform, the Treasury Management and Revenue Assurance System (TMRAS), to replace the Remita platform.
The initiative was to enhance Treasury Management, Revenue Assurance, and Budget Performance for Ministries, Departments, and Agencies (MDAs), as well as Federal Government-Owned Enterprises (FGOEs).
The move, according to a statement by the Accountant-General of the Federation, Dr. Oluwa Oyin Madein was a directive from President Bola Tinubu and the Minister of Finance.
According to the directive, MDAs currently accessing funds via the Remita platform will now transition to TMRAS.
The statement reads “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.”
The OAGF announced that the TMRAS would officially go live today, March 4, 2025, in a phased rollout.
It was gathered that the transition to TMRAS will occur in two phases: the phase one is to cover payments and collections in Naira, enabling automatic tax deductions on vendor payments and allowing OAGF and MDAs to generate bank statements and balances.
While the phase two will introduce foreign exchange (FX) transactions, integration with MDA ERP systems, and activation of the budget module for non-budgetary MDAs.
“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.
“Furthermore, all MDAs are required to integrate their Enterprise Resource Planning (ERP) or financial systems with TMRAS to facilitate seamless collections, payment processing, automatic bank statement delivery, and budget control.”
In addition, the new system mandates that all contractors register with the Federal Inland Revenue Service (FIRS) to receive payments.
“Additionally, all tax-deductible payments, including Value Added Tax (VAT), Withholding Tax (WHT), and Stamp Duty, will be processed simultaneously with vendor payments.
“The system shall not permit any payment without the associated tax components.
“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.”
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