TMRAS: Nigeria’s New Revenue Collection System - A Step Forward or a New Set of Challenges?

Emmanuel Okoegwale 

The Nigerian Federal  government is making a major shift in its revenue collection framework with the introduction of the Treasury Management Revenue Assurance System (TMRAS) as announced  this week. This new platform aims to enhance treasury revenue assurance, improve budget performance across MDAs and Federal Government-Owned Enterprises (FGOEs), and liberalize government revenue payment processes. 

A key takeaway from the transition is that, for the next two months, Remita, the pioneer of the Treasury Single Account (TSA) 13 Years ago, will remain the sole revenue collection provider, after which other licensed players will be onboarded. In my view, TMRAS seems to integrate the TSA within its broader framework, positioning TSA as a component rather than a standalone system. 

One of the most pressing issues is the current practice where some MDAs still operate with their own, sometimes unlicensed, payment processing providers without proper regulatory oversight. This creates transparency concerns, collection inefficiencies, and potential revenue leakages—issues that have often been misinterpreted as TSA failures rather than policy enforcement gaps. The success of TMRAS will depend on the government’s ability to address these structural weaknesses and enforce uniform compliance among MDAs.

Another critical area is the qualification criteria for supply-side providers. While the shift away from a single-provider model is meant to reduce concentration risk, a poorly regulated multi-provider ecosystem could introduce new vulnerabilities. For example, if financial service providers with low capitalization thresholds (e.g., ₦50M) are allowed to process transactions worth billions daily without robust internal governance, risk exposure could be significant. A well-structured risk assessment and categorization framework will be essential in mitigating these challenges.

Ultimately, while TMRAS appears to be a promising evolution in Nigeria’s revenue collection system, its success will hinge on effective regulatory oversight, stringent compliance enforcement, and a keen understanding that revenue management is not just a technology playbook—it requires a holistic policy approach. Without a strong governance structure, TMRAS could replicate some of the very issues it aims to resolve.

Kudos to Remita for pioneering TSA, and it will be interesting to see how innovation unfolds as more providers enter the landscape.