Fed Govt excludes varsities, research institutions from TSA
‘Institutions free to operate research grants, endowment fund accounts in commercial banks’
President Bola Tinubu has directed the exclusion of third-party research grant funds of federal universities and research institutions from the Treasury Single Account (TSA).
The President’s directive was conveyed by Minister of Education, Prof. Tahir Mamman, to the Coordinating Minister of Finance and National Economy, Mr. Wale Edun, mandating the exemption.
According to a letter by the National Universities Commission (NUC) to vice chancellors, dated September 6, the directive also grants universities and research institutions the autonomy to operate their endowment fund accounts in commercial banks.
The letter said the move is meant to enhance the financial autonomy of universities and research institutions, promoting research and innovation in the country.
The NUC letter, signed by its Acting Executive Secretary, Chris Maiyaki, reads: “The National Universities Commission received the directive from the Honourable Minister of Education, Ref. DE/HE/37/VII/324 and dated September 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 July 23, 2024, on the above subject.
“The letter communicates Mr. President’s directive to the Honourable Minister of Finance and Coordinating Minister of the Economy to exclude third-party research grant funds of federal universities and research institutes from the Treasury Single Account (and to grant universities and research institutes autonomy in operating their endowment fund accounts in commercial banks. Please, see attached.”
