The Federal Government has announced that third-party research grant funds for federal universities and research institutions will be excluded from the Treasury Single Account (TSA).

This announcement is detailed in a letter from Chris Maiyaki, the Acting Executive Secretary of the National Universities Commission (NUC), addressed to Vice Chancellors and dated September 6, 2024, which was shared with the media in Abuja on Monday.

The Minister of Education, Prof. Tahir Mamman, has communicated the President’s directive to the Coordinating Minister of Finance and National Economy, Wale Edun, which mandates this exemption.

Maiyaki further noted that this directive allows universities and research institutions to manage their endowment fund accounts through commercial banks.

This initiative is anticipated to strengthen the financial independence of universities and research institutions, thereby fostering research and innovation across the nation.

“The National Universities Commission received the directive from the Honourable Minister of Education, Ref. DE/HE/37/VII/324 and dated Sept. 4, 2024.

“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.”