The Federal Government, through the Office of the Accountant-General of the Federation (OAGF), has introduced fresh guidelines for exempting third-party research grants and endowment funds of Federal Universities and Research Institutions from the Treasury Single Account (TSA). This comes following the approval by President Bola Tinubu to exempt these funds from the TSA policy.
According to a circular released in Abuja, Federal Universities and Research Institutions must now seek approval from the Accountant-General, Dr. Oluwatoyin Madein, before opening any research grant or endowment fund accounts with commercial banks. While these grant-specific accounts are exempt, all other institutional accounts must still be maintained with the Central Bank of Nigeria (CBN).
Madein explained, “These accounts are exclusively for receiving grants and should not be used to handle any other public funds.” She emphasized the importance of proper management, with Bursary or Accounts Departments being responsible for accounting and reporting all transactions.
Furthermore, all institutions must submit annual returns, including bank statements and reconciliation reports, for inclusion in the government’s financial statements. These guidelines, Madein clarified, were introduced to ensure transparency and compliance with the TSA policy while facilitating research funding.
In addition, the OAGF issued operational guidelines regarding the planned exit of tertiary institutions from the Integrated Personnel and Payroll Information System (IPPIS), transitioning payroll management back to individual institutions by the end of 2024.
