The federal government has directed the exclusion of third-party research grant funds of federal universities and research institutions from the Treasury Single Account (TSA).
The directive is contained in a letter signed by the acting executive secretary of the National Universities Commission (NUC), Chris Maiyaki, to vice-chancellors, dated September 6, 2024, and made available to journalists on Monday.
According to him, the Minister of Education, Tahir Mamman, has conveyed the president’s directive to the Coordinating Minister of Finance and National Economy, Wale Edun, mandating the exemption.
Mr Maiyaki said the directive also grants universities and research institutions the autonomy to operate their endowment fund accounts in commercial banks.
He said the move was expected to enhance the financial autonomy of universities and research institutions, promoting research and innovation in the country.
“The National Universities Commission received the directive from the Honourable Minister of Education, Ref. DE/HE/37/VII/324 dated September 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,” he said.
(NAN)
