The FG announces that third-party research grants are now excluded from the Treasury Single Account, allowing more flexibility for academic funding.
Federal universities and research institutes have been informed by the government that grant funds for third-party research will not be subjected to the Treasury Single Account (TSA).
In a letter dated September 2024, the National Universities Commission (NUC) communicated this instruction through its Acting Executive Secretary Chris Maiyaki’s signature.
According to the letter, the decision was made in compliance with a directive from President Bola Tinubu conveyed via the Minister of Education.
As per the correspondence, universities and research institutes are now empowered to independently manage their endowment funds and research grants in commercial banks. This will facilitate greater flexibility in handling these resources.
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The NUC has received a letter from the Honourable Minister of Education, Ref. DE/HE/37/VII/324 dated 4th September 2024 that forwards correspondence on the above subject from the Principal Secretary to the President at State House via PRES/87/MF/71/198/BEMP15 and dated July 23rd, 2024.
Enclosed is a letter from the Mr. President, instructing the Honourable Minister of Finance and Coordinating Minister of the Economy to exempt third-party research grant funds for Federal Universities and Research Institutes from Treasury Single Account (TSA), while also granting autonomy in commercial bank operations for their endowment fund accounts.
Maiyaki stated that he has been authorized by the President to approve the subject mentioned and convey it to Vice-Chancellors of Federal Universities for further necessary measures.
I would like to inform you that additional instructions regarding operational guidelines will be provided in a separate documentation.
