The Federal Government has issued a directive to exclude third-party research grant funds for federal universities and research institutions from the Treasury Single Account (TSA).
This directive was outlined in a letter signed by the Acting Executive Secretary of the National Universities Commission (NUC), Chris Maiyaki, and addressed to vice chancellors on September 6. The instruction follows a mandate from President Bola Tinubu, conveyed through the Minister of Education, Prof. Tahir Mamman, to the Coordinating Minister of Finance and National Economy, Wale Edun.
The new policy also grants universities and research institutions the autonomy to manage their endowment fund accounts in commercial banks, a move expected to enhance their financial independence and boost research and innovation across the country.
The NUC’s letter, referencing the directive from the Minister of Education (Ref. DE/HE/37/VII/324, dated September 4, 2024), confirms the decision to exempt research grant funds from the TSA, allowing these institutions greater flexibility in their financial operations.
“The letter communicates Mr. President’s directive to the 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,” Maiyaki stated. He added that this autonomy would apply to the management of endowment fund accounts in commercial banks, promoting financial autonomy for research-driven activities.
