A sensible policy; government should not outsource some core things: “The Federal Government of Nigeria on Tuesday unveiled a new payment platform, the Treasury Management & Revenue Assurance System (TMRAS), to replace REMITA, which has been in use for revenue collection since 2012.
“The new platform aims to enhance the efficiency, transparency, and accountability of federal revenue collections and payments across ministries, departments, and agencies (MDAs), including entities managing donor funds, trust funds, social security funds, and special funds. This development was disclosed in a memo from the Office of the Accountant General of the Federation (OAGF), dated February 28, 2025. The memo stated that TMRAS would go live on March 4, 2025, and its deployment would occur in two phases.”
Then imagine if you are an investor in Remita. Good People, there is a HUGE risk depending on a government super-contract or running a business where you have over concentration on few customers. Glo Intelligence, a Kenya/NY-based startup, failed despite raising more than $100m when its Unilever contract was frozen. Remita has no issues because its parent company is loaded with other revenue lines. But this should teach all founders on why you must diversify your revenue sources.
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For Nigeria, this is a good policy. If the government cannot collect its money, what is it good for? I hate it when governments outsource core functions. Great policy provided this is not from one vendor to another; Nigeria needs to build internal public sector capacity and diminish the use of consultants.
A few weeks ago, the Abuja people invited me to come and run a program. I politely sent them a list of my professors in FUTO they could use. Why pay a village boy from America when there are better people at least in Owerri? Build your internal system and stop always looking outside. Happy payment is now inside!
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