Nigeria’s central government is introducing a new payment system, called the Treasury Management & Revenue Assurance System (TMRAS), to replace Remita, the current payment gateway for the Treasury Single Account (TSA).
This change aims to streamline payment collections across various government ministries, departments, and agencies (MDAs).
The TMRAS will be rolled out in two phases. The first phase, which starts today, will focus on naira payments and collections. It will enable the Office of the Accountant General of the Federation to generate bank statements, track balances, and automate tax deductions and remittances for vendor and contractor payments.
The second phase, scheduled to begin on June 1, 2025, will handle foreign exchange transactions and integrate with MDA Enterprise Resource Planning (ERP) systems. This will further streamline government operations and enforce budgetary control.
Remita, which has been the gateway for TSA since 2012, will continue to operate alongside TMRAS until May 4, 2025. However, the company’s future is uncertain, as it faces competition from other payment processing companies like Paystack and Flutterwave.
The introduction of TMRAS is expected to improve transparency and accountability in government revenue collection. Only payment companies approved by the Accountant General will be authorized to collect revenue on behalf of the government.
