The federal government has directed that third-party research grant funds of federal universities and research institutions be excluded from the Treasury Single Account (TSA).
This was contained in a letter from the National Universities Commission (NUC) to vice-chancellors, dated 6th September 2024 and seen by our correspondent on Monday in Abuja.
The minister of education, Prof. Tahir Mamman, communicated the president’s directive to the coordinating minister of finance and national economy, Wale Edun, mandating the exemption.
The directive also allows universities and research institutions to operate their endowment fund accounts in commercial banks, enhancing their financial autonomy and promoting research and innovation in the country.
The NUC letter, signed by acting executive secretary Chris Maiyaki, stated: “The National Universities Commission received the directive from the honourable minister of education, Ref. DE/HE/37/VII/324, dated 4th September 2024. This correspondence forwarded a letter from the Principal Secretary to the president, State House, dated 23rd July 2024, Ref. PRES/87/MF/71/198/MBEP/15.”
“The letter communicates the president’s directive to exclude third-party research grant funds of federal universities and research institutions from the Treasury Single Account and to grant these institutions autonomy in operating their endowment fund accounts in commercial banks.”