Nigeria’s federal government has opted not to replace Remita, the electronic payment platform powering the Treasury Single Account (TSA), despite reports suggesting otherwise. Instead, a new system, Treasury Management & Revenue Assurance System (TMRAS), will operate alongside Remita.
Remita has been at the center of controversy due to its perceived monopoly in processing federal payments. The introduction of TMRAS is the latest attempt to loosen Remita’s grip on government revenue collection.
The new system stems from a 2023 memo authorizing Simplify International Synergy Limited to build an “FGN Treasury Portal” and request historical TSA transaction data.
While this move signals the government’s desire to restructure revenue collection, a senior Remita executive confirmed that TMRAS will not replace Remita’s existing infrastructure.
Remita has played a significant role in Nigeria’s public finance management since its implementation in 2016. Despite its benefits, politicians and regulators have attempted to reduce Remita’s dominance, citing concerns over entrusting a private company with sole control over government revenue collection.
The impact of TMRAS remains unclear, but it represents the latest effort to unbundle Remita’s services. The TSA system has evolved to allow other Payment Solution Service Providers (PSSPs) to collect payments, but Remita remains the sole aggregator responsible for remitting funds to the Central Bank.
