In a significant move towards promoting research and innovation, the Federal Government has directed the exclusion of third-party research grant funds from the Treasury Single Account (TSA) for federal universities and research institutions.
In a letter dated 6th September 2024, the National Universities Commission (NUC) informed Vice Chancellors of the directive issued by the Minister of Education, Prof. Tahir Mamman.
The directive, which was addressed to the Coordinating Minister of Finance and National Economy, Wale Edun, was a result of the President’s decision to provide universities with greater financial autonomy.
Moreover, the directive allows universities and research institutions to manage their endowment fund accounts independently by operating them through commercial banks, rather than under the TSA system.
This development is expected to empower these institutions financially, enhancing their capacity for groundbreaking research and innovation.
The NUC’s letter, signed by Acting Executive Secretary Chris Maiyaki, referenced the President’s directive issued on 23rd July 2024, further solidifying the government’s commitment to fostering autonomy in the country’s educational and research sectors.
