Goodbye to Remita as FG’s New Revenue Collection System Goes Live
- The federal government is finally dumping the Remita system in favour of a new revenue collection platform
- The platform goes live today and will be used to manage and streamline processes in all payment collections
- The new platform will be implemented in phases, with the first phase taking off immediately and the second scheduled for later in the year
Legit.ng journalist Ruth Okwumbu-Imafidon has over a decade of experience in business reporting across digital and mainstream media.
The federal government has launched a new payment platform to be used for revenue collection across all the federal ministries, departments, and agencies (MDAs).
This also means that the government would be phasing out the old system of using Remita to collect payments.
The office of the Accountant General of the Federation (AGF) released a memo with this information, dated February 28, 2025.
Source: Getty Images
FG unveils new revenue collection platform
The federal government has unveiled a new revenue collection platform called the Treasury Management & Revenue Assurance System (TMRAS), the PUNCH reports.
All of the federal revenue collections and payments across the MDAs, including the social security funds, special funds, trust funds and receipts from donor funds will now be processed on this platform, not Remita.
Recall that Remita is a popular electronic payment platform in Nigeria that facilitates seamless financial transactions for individuals, businesses, and government institutions and has been a long-time favourite.
The platform was launched today, March 4, 2025, and will be deployed in two phases to ease transition and adoption.
Both the REMITA and TMRAS will run side by side till May 4, 2025, after which the transition can be completed.
FG shares implementation plan for new platform
The memo revealed that the first phase of implementation will cover payments and revenue collections in naira only.
Recall that the Remita payment system presented hitches when the NDIC tried to use it to pay Heritage Bank depositors last year.
With the TMRAS platform, federal MDAs and the office of the AGF can easily generate bank statements, automate tax deductions and remittances with associated vendors and contractors, and track balances. It will also cover Value Added Tax (VAT), Withholding Tax and Stamp Duties.
The tax reform bills are expected to be passed before the end of Q1, 2025 and the process for implementation can also begin, allowing it to be easily synced with the new payment system.
Source: Getty Images
On this platform, only CBN-licensed Payment Solution Service Providers (PSSPs) approved by the OAGF may collect revenue.
The memo reads;
“MDAs are advised to direct all PSSPs currently collecting on their behalf to connect with the official CBN-payment gateway, for instant coordination of government collections on the platform. The process of profiling PSSPs shall commence immediately, and approved PSSPs by the Treasury shall be certificated and listed on the TMRAS for collections.”
The second phase of the implementation will come up on the 1st of June, 2025 and will cover all payments and revenue collections done with foreign exchange. It will be integrated with the MDA Enterprise Resource Planning (ERP) systems.
NDIC dumps Remita, switches to NIBSS
In related news by Legit.ng, the Nigeria Deposit Insurance Corporation (NDIC) had adopted the Nigeria Inter-Bank Settlement System (NIBBS) platform to pay depositors of the failed Heritage Bank.
NDIC noted that its attempts to use Remita were met with many hitches and limitations in the systems, hence the switch to facilitate easy payment.
NDIC’s deputy director, Pamela Roberts, noted that even though they had used Remita for decades, it was unable to handle the large payments they needed to make at the time. She noted that Remita’s strict verification process led to payout delays, requiring manual processing.
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Source: Legit.ng
