The Federal Government has directed the exclusion of third-party research grant funds for federal universities and research institutions 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, addressed to Vice Chancellors. The letter, dated September 6, 2024, was shared with newsmen in Abuja on Monday.
According to Maiyaki, the Minister of Education, Prof. Tahir Mamman, conveyed the President’s directive to the Coordinating Minister of Finance and National Economy, Wale Edun, instructing the exemption.
The directive also grants universities and research institutions the autonomy to manage their endowment fund accounts in commercial banks, a move expected to enhance their financial independence and promote research and innovation in Nigeria.
Maiyaki referenced the official communication from the President’s office, noting, “The National Universities Commission received the directive from the Honourable Minister of Education, Ref. DE/HE/37/VII/324, dated September 4, 2024. The correspondence from the Principal Secretary to the President, State House, PRES/87/MF/71/198/MBEP/15, dated July 23, 2024, outlines the President’s instruction to exclude third-party research grants from the TSA and to allow universities and research institutes autonomy in operating their endowment fund accounts in commercial banks.”
