FG launch TMRAS, new platform for revenue collection - Wetin you need to know
Nigeria government don direct all ministries, agencies and departments for di kontri make dem get ready to begin use Treasury Management and Revenue Assurance (TMRAS) for all financial transactions - revenue collection - as dem move to put an end to di use of Remita.
For inside one press statement on Tuesday, Office of Accountant-General of di Federation (OAGF) tok say, di new platform go enable Ministries, Departments and Agencies (MDAs) to generate bank statements, activate fast deduction and remit tax including Value-Added Tax (VAT), Withholding Tax (WHT) and Stamp Duty.
Di statement tok say TMRAS and Remita go run di same time from 4 March, 2025 for di period of two months.
Di statement say di policy go achieve effective treasury revenue assurance and improve budget performance for all ministries, departments, and agencies.
"Di Treasury Management and Revenue Assurance (TMRAS) go coordinate, streamline, and manage federal government revenue collections and payments for all Ministries, Departments, and Agencies (MDAs)," e tok.
Wetin be Remita and TMRAS?
Remita na di payment platform wey dey facilitate di remittance of funds (taxes, levies and tariffs) wey MDAS dey generate into federal government Treasury Sngle Account, TSA.
Remita wey bin dey CBN-licensed, na electronic solution wey dey enable fast transaction for every financial transaction for efderal goment revenue and allow generations of receipt from vendors and contractors.
On di oda hand, TMRAS go dey broader dan Remita, e go help wit di collection of public fund, receipt from di transaction and manage di public funds to create more transparency for di public sector for all goment payment platforms, according to government.
TMRAS na platform to help oda payment platform including Payment Solution Service Providers (PSSPs) to connect into di federal government treasury.
"E go guarantee di liberalisation of goment revenue payment processes, enhance revenue collections, and e go aid efficient, timely analysis of di information regarding such transactions," di statement tok.
"Di Treasury Management and Revenue Assurance (TMRAS) go now allow dis oda payment platforms to connect. So, e no go be only Remita, but all di oda payment service providers wey dey licensed by di CBN go fit operate."
How di use of TMRAS concern me as Nigerian?
On Tuesday, Office of Accountant-General of di Federation (OAGF) tok say di launch go happun in two phases.
First phase go cover di collection of payment in Naira wey go allow di generation of bank statements, generate bank statements, activate fast deduction and remit public funds from vendors, contractors, among odas.
Second phase go start on June 1 , 2025 and e go cover di collections of payments in foreign transaction from MDAs. Dis phase go also cover activation of MDAs budget.
TMRAS go allow MDAs to get access to dia funds wey dey wit CBN and spend within di approve budget limit.
E go help manage and provide report to OAGF on di 50% automatic deduction of Internally Generated Revenue (IGR) from Federal Government Agencies and Parastatals.
Nigerians go easily make payment for dia vehicle registration, NIN, International passport, among odas wit TMRAS into di treasury single account. Di system go easily generate receipt for dia transaction and create transparency for public funds, according to di statement from government.
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