The Federal Government has issued a directive to exempt third-party research grant funds of federal universities and research institutions from the Treasury Single Account (TSA).
In a letter sent by the National Universities Commission (NUC) to Vice Chancellors on 6th September 2024, and seen by reporters in Abuja, the Minister of Education, Prof. Tahir Mamman, conveyed the President’s decision to the Coordinating Minister of Finance and National Economy, Wale Edun. The directive also grants universities and research institutions the autonomy to manage their endowment fund accounts through commercial banks.
This decision aims to boost financial autonomy for these institutions, thereby fostering research and innovation in Nigeria.
Signed by the NUC’s Acting Executive Secretary, Chris Maiyaki, the letter reads: “The directive from the Minister of Education, Ref. DE/HE/37/VII/324 dated 4th September 2024, follows the correspondence from the President’s office, granting the exclusion of third-party research funds from the TSA and allowing universities to operate endowment funds through commercial banks.”
This move is expected to strengthen research activities across the nation’s academic institutions.
News Editor