The Federal Government has directed that third-party research grant funds for federal universities and research institutions be excluded from the Treasury Single Account (TSA), granting them autonomy to manage their endowment fund accounts in commercial banks.
The Federal Government has issued a directive excluding third-party research grant funds for federal universities and research institutions from the Treasury Single Account (TSA).
This decision was outlined in a letter signed by the Acting Executive Secretary of the National Universities Commission (NUC), Chris Maiyaki, and addressed to Vice Chancellors. The letter, dated September 6, 2024, was shared with the media in Abuja on Monday.
Maiyaki explained that the Minister of Education, Prof. Tahir Mamman, communicated the President’s directive to the Coordinating Minister of Finance and National Economy, Wale Edun, instructing that research grants be exempted from the TSA.
The directive further allows universities and research institutions the autonomy to manage their endowment fund accounts in commercial banks, a move expected to boost financial independence and foster research and innovation in Nigeria.
Maiyaki cited the official communication from the President’s office, stating, “The National Universities Commission received the directive from the Honourable Minister of Education, Ref. DE/HE/37/VII/324, dated September 4, 2024.”
He continued, “The correspondence from the Principal Secretary to the President, State House, PRES/87/MF/71/198/MBEP/15, dated July 23, 2024, details the President’s order to exclude third-party research grants from the TSA and to grant universities and research institutes the autonomy to operate their endowment fund accounts in commercial banks.”
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