The Federal Government of Nigeria has exempted third-party research grant funds of federal universities and research institutions from the Treasury Single Account (TSA). This new directive also grants these institutions the autonomy to operate their endowment fund accounts in commercial banks.
The announcement, conveyed in a letter from the National Universities Commission (NUC) to Vice Chancellors on September 6, 2024, came from the Minister of Education, Prof. Tahir Mamman. The directive, approved by President Bola Tinubu and communicated to the Coordinating Minister of Finance and National Economy, Wale Edun, aims to enhance the financial independence of universities and research institutions, thereby promoting research and innovation across the country.
The NUC letter, signed by Acting Executive Secretary Chris Maiyaki, states, “The National Universities Commission received the directive from the Honourable Minister of Education… forwarding the correspondence from the Principal Secretary to the President… on the above subject.”
This move is seen as a significant step toward empowering educational institutions to manage their financial resources more effectively, ensuring a conducive environment for academic research and development.
