The Federal Government has directed that research grants from third-party sources, received by federal universities and research institutions, should not be included in the Treasury Single Account (TSA).
The directive was communicated in a letter from the Acting Executive Secretary of the National Universities Commission (NUC), Mr. Chris Maiyaki, to Vice Chancellors on September 6, 2024, and was released to the media in Abuja on Monday.
According to him, the Minister of Education, Prof. Tahir Mamman, has conveyed the President’s directive to the Coordinating Minister of Finance and National Economy, Mr. Wale Edun, mandating the exemption.
Maiyaki said the directive also empowers universities and research institutions to manage their endowment funds independently through accounts held in commercial banks.
The move aims to boost financial autonomy, fostering a conducive environment for research and innovation to flourish in the country’s academic institutions.
It reads: “The National Universities Commission received the directive from the Honourable Minister of Education, Ref. DE/HE/37/VII/324 and dated Sept. 4, 2024.
“Forwarding the correspondence from the Principal Secretary to the President, State House, also vide PRES/87/MF/71/198/MBEP/15 and dated 23rd July 2024, on the above subject.
“The letter communicates Mr. President’s directive to the Honourable Minister of Finance and Coordinating Minister of the Economy to exclude third-party research grant funds of federal universities and research institutes from the TSA.
“And to grant universities and research institutes autonomy in operating their endowment fund accounts in commercial banks.”
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