Treasury Account, FG excludes Universities and research Institutes

The Federal Government has instructed that third-party research grant funds at federal universities and research institutions be excluded from the Treasury Single Account (TSA). This directive, detailed in a letter dated September 6, 2024, from Acting Executive Secretary of the National Universities Commission (NUC), Chris Maiyaki, was communicated to Vice Chancellors. The Minister of Education, Prof. Tahir Mamman, conveyed this directive from the President to the Coordinating Minister of Finance and National Economy, Wale Edun.

Maiyaki noted that this directive also allows universities and research institutions to manage their endowment fund accounts in commercial banks. The aim of this move is to strengthen the financial autonomy of these institutions and foster research and innovation in the country.

The NUC received this directive from the Minister of Education, as well as a communication from the President’s Principal Secretary, which highlights the exclusion of third-party research funds from the TSA and the granting of operational autonomy for endowment funds in commercial banks.