The federal government has mandated that third-party research grant funds for federal universities and research institutions be excluded from the Treasury Single Account.
In a letter from the National Universities Commission to Vice Chancellors dated September 6, 2024 and seen by our correspondent on Monday in Abuja, the Minister of Education, Prof. Tahir Mamman, conveyed the President’s directive to the Coordinating Minister of Finance and National Economy, Wale Edun, authorizing the exemption.
The regulation also gives universities and research institutions the freedom to manage their endowment fund accounts in commercial banks.
This measure is designed to increase the financial autonomy of universities and research institutes, thereby fostering research and innovation throughout the country.
The letter from the NUC, signed by the 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 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 (and to grant universities and research institutes autonomy in operating their endowment fund accounts in commercial banks. Please see attached.”
