Breaking: FG Launches TMRAS, Reshapes Nigeria’s Revenue Collection Process

Breaking: FG Launches TMRAS, Reshapes Nigeria’s Revenue Collection Process

The Federal Government has introduced the Treasury Management and Revenue Assurance System (TMRAS) as its new platform for revenue collection. With this development, Remita will no longer be the sole payment system used for federal government transactions…….READ MORE 

A statement released on Tuesday by Bawa Mokwa, spokesperson for the Office of the Accountant General of the Federation (OAGF), confirmed that other approved Payment Solution Service Providers (PSSPs), licensed by the Central Bank of Nigeria (CBN), will now be integrated into the new system alongside Remita.

Mokwa emphasized that while Remita will continue to operate as the government’s payment gateway, it will remain the exclusive platform for federal revenue collection for the next two months.

The introduction of TMRAS aligns with the directives of President Bola Tinubu and the Minister of Finance, Wale Edun, aiming to enhance treasury revenue assurance and improve budget performance across ministries, departments, and agencies (MDAs).

According to the statement, the new system is designed to streamline and coordinate government revenue collections and payments, ensuring a more efficient, transparent, and diversified payment process.

“TMRAS will facilitate the liberalization of government revenue collection, enhance efficiency, and provide real-time data analysis for improved financial management. While Remita remains a secure payment channel, the new system will allow other CBN-approved payment platforms to participate,” the statement added.

Additionally, the federal government is working to take over the management of the front-end payment infrastructure while expanding the revenue collection system to accommodate multiple CBN-licensed payment providers.