The Federal Government has launched the Federal Treasury Receipt (FTR), a major digital reform aimed at curbing revenue leakages. It also aims at improving fiscal transparency.
The new system is expected to provide a single, standardized, and digitally verifiable proof of all payments made into federal accounts. This ensures that every government-issued receipt matches actual funds received by the Treasury.
According to the Ministry of Finance, the FTR marks a significant step toward tightening public financial controls. It is also aimed at eliminating long-standing loopholes that have undermined accountability in revenue collection.
What is The Federal Treasury Receipt
The Federal Treasury Receipt issued through the Office of the Accountant-General of the Federation (OAGF) and powered by the Remita payment platform, serves as an official acknowledgment that funds have been received into the Federal Government’s account at the Central Bank of Nigeria (CBN).
The receipt system was introduced to ensure transparency, accountability, and traceability of public funds. Each FTR is generated after a successful payment using a unique Remita Retrieval Reference (RRR) number. This digital reference allows citizens, agencies, and auditors to verify payments. They can do so directly through the Remita website, ensuring that all government revenues are properly accounted for.
Government officials explained that the Federal Treasury Receipt has become a critical requirement. It is essential for individuals and businesses making payments to ministries, departments, and agencies (MDAs). This includes transactions such as company registration with the Corporate Affairs Commission (CAC), passport applications, university tuition payments, and procurement documentation.
The Office of the Accountant-General of the Federation also warned the public against using unofficial payment channels, stressing that only receipts generated through the Remita system are recognized as legal evidence of payment to the Federal Government.
