Nigeria this week launched the Treasury Management and Revenue Assurance System to replace the Remita platform.

Nigeria this week launched the Treasury Management and Revenue Assurance System (TMRAS) to replace the Remita platform.

This new system intends to improve the management of federal revenue collections and payments among ministries, departments, and agencies (MDAs).

This development was reported in a memo from the Federation's accountant general.

According to the statement, the system would be implemented in two phases. 

The first phase, which begins on March 4 and covers payments and collections for the Naira component, will allow MDAs to print bank statements, track balances, and automate tax deductions such as VAT, Withholding Tax, and Stamp Duty.

The second phase, set to begin on June 1, 2025, will expand the platform's capabilities to include foreign exchange transactions and link with MDA Enterprise Resource Planning  systems. 

It will also require federal agencies and parastatals to deduct 50% of their internal revenue automatically.

TMRAS is intended to automatically split internal generated revenue, assuring rapid transfer to both the federal government and the relevant MDAs. 

Furthermore, all extra-budgetary payments, including those from special accounts, will be processed entirely through TMRAS, eliminating administrative obligations.