The Federal Authorities has launched a brand new income assortment platform, the Treasury Administration and Income Assurance System (TMRAS), to interchange the Remita platform.
This was disclosed in an announcement by Dr. Mrs. Oluwa Oyin Madein, FCCA, FCA, FCNA, Accountant-Normal of the Federation.
The transfer, spearheaded by the Workplace of the Accountant-Normal of the Federation (OAGF), aligns with directives from President Bola Tinubu and the Minister of Finance to reinforce Treasury Administration, Income Assurance, and Funds Efficiency for Ministries, Departments, and Companies (MDAs), in addition to Federal Authorities-Owned Enterprises (FGOEs)..
In accordance with the directive, MDAs presently accessing funds through the Remita platform will now transition to TMRAS utilizing the OAGF web site, www.fgntreasury.gov.ng.
“All MDAs, together with those who presently entry funds on the CBN by the Remita platform, shall now entry their funds through the Treasury Administration and Income Assurance System utilizing the OAGF web site (www.fgntreasury.gov.ng),” the round acknowledged.
The OAGF introduced that the TMRAS would formally go stay right this moment, March 4, 2025, in a phased rollout
Phased implementation
The transition to TMRAS will happen in two phases:
- Section One (March 4, 2025): This section will cowl funds and collections in Naira, enabling automated tax deductions on vendor funds and permitting OAGF and MDAs to generate bank statements and balances.
- Section Two (June 1, 2025): This section will introduce international alternate (FX) transactions, integration with MDA ERP methods, and activation of the finances module for non-budgetary MDAs.
Consumer entry and integration
The OAGF assured that every one current customers on Remita could be migrated mechanically and retain their login credentials. New customers will obtain an e mail notification with a one-time password, which should be modified upon first login.
“All present and energetic customers on the Remita platform will mechanically have the ability to log into the Treasury Administration and Income Assurance System utilizing the identical username and Company beforehand arrange on the Remita system. As soon as any person is created, an automatic e mail notification detailing the username and one-time password shall be despatched. The system will mandate a change of the one-time password at first login,” it added.
Moreover, all MDAs are required to combine their Enterprise Useful resource Planning (ERP) or monetary methods with TMRAS to facilitate seamless collections, cost processing, automated bank assertion supply, and finances management.
Vendor registration and tax compliance
The brand new system mandates that every one contractors register with the Federal Inland Income Service (FIRS) to obtain funds. Moreover, all tax-deductible funds, together with Worth Added Tax (VAT), Withholding Tax (WHT), and Stamp Obligation, can be processed concurrently with vendor funds.
“The system shall not allow any cost with out the related tax elements,” the directive emphasised.
Funds management and expenditure limits
A key function of the platform is its enforcement of finances self-discipline. MDAs not funded by the nationwide finances should add their accepted budgets on TMRAS, with spending restricted to accepted limits.
“The system shall allow MDA to spend inside her accepted finances limits in any fiscal yr. Any request to spend past these limits shall be accepted by the suitable authority and forwarded to the Federal Ministry of Finance through the Workplace of the Accountant-Normal of the Federation (OAGF) for additional approval.”
The finances module can be activated in June 2025, with engagements to start instantly to make sure a clean transition.
Key Options of TMRAS
The brand new system presents a number of options geared toward enhancing monetary transparency and effectivity:
- Integration with MDA monetary methods: All enterprise useful resource planning (ERP) methods utilized by MDAs should combine with TMRAS for automated bank statements, finances controls, and transaction reconciliation.
- Funds add and management: MDAs not funded by the nationwide finances should add their accepted budgets on the platform and spend inside accepted limits.
- Internally generated income (IGR) cut up: The system will mechanically deduct 50% of IGR from federal authorities businesses and parastatals.
- Processing of extra-budgetary funds: Funds from particular accounts should be processed by TMRAS to make sure transparency and remove handbook mandates.
- Administration of cost resolution service suppliers (PSSPs): Solely CBN-licensed PSSPs accepted by OAGF can be allowed to gather income on behalf of MDAs.
- Coaching and help providers: Sensitization and coaching for MDAs will start instantly to make sure a clean transition.
To attenuate disruption, the present Remita platform will run concurrently with TMRAS for 2 months, ranging from March 4, 2025. After the transition interval, all funds should be made solely by TMRAS.
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