The Federal Government has directed the exclusion of third-party research grant funds of federal universities and research institutions from the Treasury Single Account.
In a letter from the National Universities Commission to Vice Chancellors, dated 6th September 2024 and made available to 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, mandating the exemption.
The directive also granted universities and research institutions the autonomy to operate their endowment fund accounts in commercial banks.
This move is expected to enhance 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, indicates that the National Universities Commission received the directive from the Honourable Minister of Education.
The letter communicated the 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. It also granted universities and research institutes autonomy in operating their endowment fund accounts in commercial banks.
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