Nigeria’s Federal Government just rolled out a brand-new platform for managing all its money: the Treasury Management & Revenue Assurance System (TMRAS). This replaces the old Remita system, starting March 4, 2025. The goal? To make handling public funds across all government departments (MDAs) much clearer, more accountable, and more efficient. This change directly supports the government’s push for better budgeting and making sure revenue is properly collected.
Remita has been Nigeria’s go-to for government revenue for years. But the switch to TMRAS shows the FG wants tighter control and a better view of the money. The new system is all about:
- Real Transparency: TMRAS promises up-to-the-minute, detailed reports for both the Accountant General’s Office (OAGF) and individual departments. No more hidden corners.
- Better Revenue Collection: The system automatically takes 50% of the money agencies generate (IGR), sending it straight to the government and reducing the chance of funds disappearing.
- Tighter Budgeting: TMRAS includes a budget tool for all departments, even those not usually part of the national budget. This means stricter spending control.
- Centralized Payments: Everything outside the regular budget—special accounts, trust funds, donor money, and social security—goes through TMRAS. No more manual paperwork, which means things should be faster and cleaner.
- Approved Payment Providers Only: Only payment companies (PSSPs) licensed by the CBN and approved by the OAGF can collect government money. This adds a layer of security and keeps things consistent.
The Treasury Management & Revenue Assurance System (TMRAS) is packed with features to improve how the government handles its finances:
- Automatic IGR Split: The system automatically divides IGR, ensuring half goes immediately to the Federal Government. The rest goes to the agency that generated it. This guarantees a steady flow of cash to the government.
- Detailed Reports, In Real-Time: TMRAS provides in-depth reports, updated constantly, for both the OAGF and each department. This level of openness is key to tracking where the money goes and spotting any problems.
- Built-in Budgeting Tool: A budgeting module is included for every department, even those outside the main national budget. This encourages responsible spending and helps prevent overspending.
- One-Stop Shop for Extra Payments: Payments outside the normal budget, from special accounts and other sources, are now handled only through TMRAS. This gets rid of manual approvals, which were slow and open to potential problems.
- Secure Payment Gateway: Only CBN-licensed PSSPs that are also approved by the OAGF can collect government revenue. This makes sure all collections are safe and follow government rules. MDAs need to get their current payment providers connected to the official CBN gateway.
- A Two-part Rollout: The system launched on March 4, 2025. Included is the activation of the budget module for MDAs not in the national budget and other non-budgetary financial activities for a stricter budget control.
Remita will still be running alongside TMRAS from March 4th to May 4th, 2025. This two-month overlap gives departments time to get used to the new system and sort out any connection issues. After May 4th, all payments must go through TMRAS.
TMRAS will directly change how MDAs handle their money:
- It’s Required: All MDAs have to use TMRAS for collecting revenue and making payments.
- Get Your PSSPs Connected: MDAs must make sure their current payment providers are linked up with the CBN gateway and approved by the OAGF.
- Training (Probably): It’s very likely the OAGF will offer training and support. MDAs should actively look for these resources.
- Should Be More Efficient: In the long run, TMRAS should make financial operations smoother and reduce paperwork for MDAs.
This launch is part of a bigger effort by the Finance Minister, Wale Edun, to improve how the government manages its money, ensure revenue is collected properly, and keep budgets on track. It’s all about modernizing Nigeria’s financial systems and promoting responsible spending.
Frequently Asked Questions (FAQ):
- Q: What’s TMRAS?
- A: It’s the new system for managing all Federal Government money in Nigeria.
- Q: When does TMRAS take over from Remita?
- A: TMRAS is live now (March 4, 2025). Remita will run alongside it until May 4, 2025, then TMRAS takes over completely.
- Q: What happens to IGR deductions?
- A: TMRAS automatically takes 50% of the money agencies generate.
- Q: Which payment companies can collect revenue under TMRAS?
- A: Only companies licensed by the CBN and approved by the OAGF.
- Q: What is the benefit of using TMRAS?
- A: It improves transparency and accountability and makes managing public money more efficient.
- Q: Who is affected by TMRAS?
- A: All government departments, including those that get money from donors, trust funds, social security, and special funds.
- Q: Where can I get help with TMRAS?
- A: Contact the Office of the Accountant General of the Federation (OAGF).
The TMRAS rollout is a big step in Nigeria’s push to modernize its finances. By centralizing everything, increasing transparency, and tightening budget controls, TMRAS could significantly improve how the government handles money. The transition period is key, and departments need to adapt quickly. The long-term payoff of a clearer, more efficient financial system will be huge for Nigeria’s development.
