September 09, (THEWILL) – The Federal Government has directed the exclusion of third-party research grant funds for federal universities and research institutions from the Treasury Single Account (TSA).
Acting Executive Secretary of the National Universities Commission (NUC), Chris Maiyaki, disclosed this on Monday, in a letter addressed to Vice Chancellors of federal universities.
According to Maiyaki, the Minister of Education, Prof. Tahir Mamman, conveyed the President’s directive to the Coordinating Minister of Finance and National Economy, Wale Edun, instructing the exemption.
The directive also grants universities and research institutions the autonomy to manage their endowment fund accounts in commercial banks.
The letter reads in part: “The National Universities Commission received the directive from the Honourable Minister of Education, Ref. DE/HE/37/VII/324, dated September 4, 2024.
“The correspondence from the Principal Secretary to the President, State House, PRES/87/MF/71/198/MBEP/15, dated July 23, 2024, outlines the President’s instruction to exclude third-party research grants from the TSA and to allow universities and research institutes autonomy in operating their endowment fund accounts in commercial banks.”
