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The Federal Government has launched the Treasury Management & Revenue Assurance System (TMRAS) to replace REMITA, improving revenue collection and financial transparency. According to Punch, TMRAS will roll out in two phases, automating tax deductions and enforcing budget control. REMITA will phase out by May 4, 2025.

The Federal Government has launched a new revenue collection and payment platform, the Treasury Management & Revenue Assurance System (TMRAS), to replace REMITA. The system, which goes live today, March 4, 2025, aims to enhance efficiency, transparency, and automation in financial transactions across Ministries, Departments, and Agencies (MDAs).

According to Punch, which obtained a memo from the Office of the Accountant General of the Federation dated February 28, 2025, TMRAS will be rolled out in two phases. The first phase will facilitate payments and collections for naira transactions, allowing the government to track balances, generate bank statements, and automate tax deductions such as VAT, Withholding Tax, and Stamp Duty.

The second phase, scheduled for June 1, 2025, will expand to foreign exchange transactions and integrate with MDA Enterprise Resource Planning (ERP) systems. Additionally, it will introduce a budget module for non-budgetary MDAs to ensure stricter financial oversight.

A key feature of TMRAS is the automatic deduction of 50% of Internally Generated Revenue (IGR) from federal agencies. The system will instantly split IGR between the federal government and the respective MDA accounts, eliminating manual mandates to enhance transparency and accountability.

To facilitate the transition, REMITA will continue to operate alongside TMRAS until May 4, 2025. After this period, all MDAs will be required to initiate payments exclusively through the new system.

The government emphasized that the shift aligns with the objectives of the Coordinating Minister of Finance and National Economy, Wale Edun, to improve treasury management, revenue assurance, and budget performance across MDAs.