FG excludes universities’ research grants from TSA

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, National Universities Commission (NUC), Chris Maiyaki, to Vice Chancellors, dated Sept. 6, 2024, and made available to newsmen in Abuja on Monday.

According to him, the Minister of Education, Prof. Tahir Mamman, has conveyed the President’s directive to the Coordinating Minister of Finance and National Economy, Wale Edun, mandating the exemption.

READ ALSO:Accolades as VIP Award honors celebrity, Jessa Joan’s company

Maiyaki said the directive also grant 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 Honorable Minister of Education, Ref. DE/HE/37/VII/324 and dated Sept. 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.

READ ALSO:Lebanon judge orders arrest of ex-central bank chief

“The letter communicates Mr. President’s directive to the Honorable 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.”