The Nigerian federal government has not abandoned Remita, the electronic payment platform powering the Treasury Single Account (TSA). Instead, a new system called Treasury Management & Revenue Assurance System (TMRAS) will complement Remita. This move aims to diversify revenue collection methods and reduce Remita’s stronghold.
Remita, a subsidiary of SystemSpecs, has faced scrutiny for its perceived monopoly in processing federal payments. The OAGF’s 2023 memo authorized Simplify International Synergy Limited to develop the “FGN Treasury Portal,” indicating a shift in revenue collection strategy.
Despite attempts to challenge Remita’s dominance, it has played a crucial role in managing Nigeria’s public finances since winning the bid in 2012 to implement the TSA. Various efforts to introduce alternatives have faltered due to a lack of technical understanding.
While TMRAS is the latest initiative to reduce Remita’s influence, its effectiveness remains uncertain. The TSA now allows multiple Payment Solution Service Providers to collect payments, but Remita remains the primary aggregator. Whether TMRAS will alter this arrangement significantly or break Remita’s dominance remains to be seen.