The Federal Government of Nigeria has instructed for third-party research grant funds of federal universities and research institutions to be excluded from the Treasury Single Account, TSA.
This was revealed in a letter signed by the Acting Executive Secretary of the National Universities Commission, (NUC), Chris Maiyaki, which was forwarded to university Vice Chancellors on September 6, 2024.
This same letter was shared with newsmen in Abuja on Monday after the Minister of Education, Prof. Tahir Mamman, communicated the President’s directive to the Coordinating Minister of Finance and National Economy, Wale Edun, giving orders for the exemption.
Maiyaki also emphasized that the directive allowed universities and research institutions to oversee their endowment fund accounts in commercial banks, allowing them more autonomy.
According to him, the decision will improve the financial independence of universities and research institutions, encouraging research and innovation in the country.
What They’re Saying
The letter 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.
“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.”
