The Federal Government is moving to enhance revenue collection by introducing the Treasury Management and Revenue Assurance System (TMRAS), a new payment platform designed to complement the existing Treasury Single Account (TSA) system.
The move has sparked concerns among stakeholders, given that Remita, the payment gateway used since 2012, has faced scrutiny over allegations of non-remittance and inefficiencies.
While some speculate that the government is replacing Remita, the Office of the Accountant General of the Federation (OAGF) insists that the new system is meant to integrate multiple Payment Solution Service Providers (PSSPs), including Remita, to streamline payments across Ministries, Departments, and Agencies (MDAs).
Officials argue that TMRAS will improve transparency, ensure timely remittances, and enable better monitoring of government transactions.
Despite these assurances, experts warn that merely changing platforms will not automatically solve issues of accountability and transparency.
They stress that revenue leakages often stem from weak internal controls, corruption, and poor enforcement of financial regulations. Prof. Godwin Oyedokun of Lead City University noted that even the most advanced payment system is ineffective if the data inputted is flawed.
He emphasized the need for robust internal controls, independent audits, and accountability measures to prevent financial mismanagement.
Another concern is cybersecurity. A tech expert cautioned that centralizing government payments under TMRAS could make it a prime target for cybercriminals.
They advised that the platform should include strong security protocols such as two-factor authentication and encryption to safeguard sensitive financial data.
Eze Onyekpere, Lead Director of the Centre for Social Justice (CSJ), also questioned the necessity of launching a new platform when existing gaps in Remita could be addressed at a lower cost.
He pointed out that Nigeria’s revenue challenges stem more from governance and structural inefficiencies than from payment platforms alone.
As the government prepares to implement TMRAS, stakeholders are calling for greater transparency on its objectives, implementation strategy, and potential impact on financial management.
The success of the initiative, they argue, will depend on proper oversight, security measures, and a commitment to addressing systemic governance issues beyond digital payment reforms.
