In a bid to enhance financial management and oversight, the federal government has introduced the Treasury Management and Revenue Assurance System (TMRAS), replacing the Remita platform for federal revenue collections and payments.

This comes after serial probe of alleged revenue losses through the Remita platform, which was set up to power government?s Treasury Single Account (TSA), a scheme that would primarily drive transparency in the management of government finances.

This new platform aims to streamline transactions across ministries, departments, and agencies, including those handling donor funds, trust funds, social security funds, and special funds.

In a memo, the Office of the Accountant General of the Federation, (AGF) said the rollout of TMRAS is designed to streamline and manage federal revenue collections and payments across ministries, departments, and agencies (MDAs).

TMRAS goes live today with phased implementatio. The first phase focusing on naira-denominated transactions.

It will enable the OAGF and MDAs to generate bank statements, track balances, and automate tax deductions for vendor payments, including Value Added Tax (VAT), Withholding Tax, and Stamp Duty.

The second phase, set to begin on June 1, 2025, will incorporate foreign exchange transactions and integrate with MDAs? Enterprise Resource Planning (ERP) systems. This phase will also activate a budget module for non-budgetary MDAs to enforce stricter budget control.

Additionally, TMRAS will maintain the automatic deduction of 50% of Internally Generated Revenue from federal agencies and parastatals. The transition is expected to enhance transparency and efficiency in government financial operations.

The new system aligns with the commitment of Wale Edun, Coordinating Minister of Finance and National Economy, to achieve ?effective Treasury Management, Revenue Assurance, and improved Budget Performance of all Ministries, Departments, and Agencies, including Federal Government-Owned Enterprises.?

The system automatically splits Internally Generated Revenue (IGR) to ensure immediate remittance to both the Federal Government and the respective MDA accounts.

Additionally, TMRAS generates detailed reports for the Office of the Accountant General of the Federation (OAGF) and MDAs, enhancing transparency and accountability.

All extra-budgetary payments, including those from special accounts, will now be processed exclusively through TMRAS. This move aims to eliminate manual mandates, thereby boosting transparency, accountability, and efficiency in public fund management.

Only CBN-licensed Payment Solution Service Providers (PSSPs) approved by the OAGF will be allowed to collect government revenue. MDAs are advised to connect their current PSSPs with the official CBN payment gateway for seamless coordination13.

To ensure a smooth transition, Remita will run concurrently with TMRAS from March 4 to May 4, 2025.

After this period, all payments must be initiated through TMRAS, marking a significant shift towards a more efficient and transparent revenue management. (BusinessDay: Text, Excluding Headline)

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