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 dated September 6, 2024, addressed to Vice Chancellors, the National Universities Commission (NUC) conveyed the directive from the Minister of Education, Prof. Tahir Mamman. The letter relayed President Bola Tinubu’s instructions to the Coordinating Minister of Finance and National Economy, Wale Edun, to implement the exemption.
The directive also grants universities and research institutions the authority to manage their endowment fund accounts in commercial banks, further increasing their financial autonomy.
This decision aims to boost the financial independence of universities and research institutions, fostering greater research and innovation across the country.
The NUC’s Acting Executive Secretary, Chris Maiyaki, signed the letter, which referenced previous communication from the President’s office, dated July 23, 2024, instructing the exclusion of research grant funds from the TSA and granting autonomy for managing endowment funds.