The Federal Government has directed the exclusion of third-party research grant funds of federal universities and research institutions from the Treasury Single Account.
The directive was contained in a letter signed by the Acting Executive Secretary, National Universities Commission, Chris Maiyaki.
The letter, addressed to Vice Chancellors and dated September 6, 2024, was made available to newsmen in Abuja on Monday.
According to Maiyaki, the Minister of Education, Prof. Tahir Mamman, has conveyed the directive of President Bola Tinubu to the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, mandating the exemption.
He said the directive also grants universities and research institutions the autonomy to operate their endowment fund accounts in commercial banks.
He said the move was expected to enhance the financial autonomy of universities and research institutions, promoting research and innovation in the country.
Maiyaki said: “The National Universities Commission received the directive from the Honourable Minister of Education, Ref. DE/HE/37/VII/324 and dated September 4, 2024.
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“Forwarding the correspondence from the Principal Secretary to the President, State House, also vide PRES/87/MF/71/198/MBEP/15 and dated 23rd July 2024, on the above subject.
“The letter communicates Mr 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 TSA.
“And to grant universities and research institutes autonomy in operating their endowment fund accounts in commercial banks.”
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