Federal Government has issued guidelines for the exclusion of third-party research grant funds of federal universities and research institutions from the Treasury Single Account (TSA).

The Accountant General of the Federation, Dr Oluwatoyin Madein, in a federal treasury circular issued in Abuja, yesterday, said the new guidelines would be implemented immediately.

She said the guidelines were sequel to the President’s approval of the exemption of research grants and endowment funds of federal universities and research institutions from the Treasury Single Account (TSA) policy.

One of the guidelines is that federal universities and research institutions are to obtain the approval of the Accountant General of the Federation before opening research grant/endowment fund accounts with commercial banks; while all other accounts are to remain with the Central Bank of Nigeria (CBN).

Madein, whose office manages the TSA policy for the government, said all research grants and endowment funds must be supported by a well-executed Memoranda of Understanding (MoU) between the tertiary institutions and the granting bodies.

“The Office of the Accountant General of the Federation (OAGF) shall maintain a list of all research grants/endowment fund bank account(s) opened by all federal universities and research institutions pursuant to the presidential approval.

“Also, the management of the accounts, including accounting and reporting of transactions with the commercial banks shall be restricted to the bursary/accounts departments of the tertiary institutions.”

A statement signed by the Director, Press and Public Relations, Mr Bawa Mokwa, noted that the Office of the Accountant General of the Federation had earlier issued operational guidelines for the exit of tertiary institutions from the Integrated Personnel and Payroll Information System (IPPIS).