The Federal Government has given an order for the exemption of third-party research grant funds of federal universities and research institutions from the Treasury Single Account.
The directive to that effect was contained in a letter dated 4th September to Vice Chancellors from the National Universities Commission (NUC).
The Minister of Education, Professor Tahir Mamman, transmitted President Bola Tinubu’s directive to the Finance Minister and Coordinating Minister for the Economy, Wale Edun, to see to the exclusion.
According to Punch, universities and research institutions were also directed the autonomy to operate their endowment fund accounts in commercial banks.
The action by the government is aimed at enhancing the financial autonomy of universities and research institutions, promoting research and innovation in 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.”
