The federal government has directed that third-party research grant funds of federal universities and research institutes be excluded from the Treasury Single Account (TSA).
This was contained in a letter by the National Universities Commission (NUC) signed by the Acting Executive Secretary, Chris Maiyaki and dated September, 2024.
The letter read: “The National Universities Commission is in receipt of the directive from the Honourable Minister of Education, Ref. DE/HE/37/VII/324 and dated 4th September 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.
“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 (TSA), and to grant universities and research institutes autonomy in operating their endowment fund accounts in commercial banks. Please see attached.”
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Maiyaki said: “Consequently, I am to convey Mr. President’s approval on the above subject to vice- chancellors of federal universities for further necessary action.
“I am to add that joining instructions, which pertain to operational guidelines will be issued under separate cover.”
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