The Federal Government has instructed that third-party research grant funds of federal universities and research institutions be excluded from the Treasury Single Account, TSA.
This was made known in a letter signed by the Acting Executive Secretary of the National Universities Commission, NUC, Chris Maiyaki, forwarded to university Vice Chancellors on September 6, 2024.
The letter was shared with journalists in Abuja on Monday.
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.
Maiyaki emphasized that the directive allows universities and research institutions to manage their endowment fund accounts in commercial banks, granting them more autonomy.
According to him, the decision will boost the financial independence of universities and research institutions, promoting research and innovation in the country.
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.”
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