By our Reporter
President Bola Tinubu has directed the exclusion of third-party research grant funds of federal universities and research institutions from the Treasury Single Account.
In a directive conveyed by the Minister of Education, Prof. Tahir Mamman, on behalf of the President to the Coordinating Minister of Finance and National Economy, Wale Edun, mandating the exemption.
In a letter from the National Universities Commission (NUC) to Vice Chancellors, dated 6th September 2024, the directive also grants universities and research institutions the autonomy to operate their endowment fund accounts in commercial banks.
The letter said the move is expected to enhance the financial autonomy of universities and research institutions, promoting research and innovation in the country.
The letter from the NUC, signed by the Acting Executive Secretary, Chris Maiyaki, reads: “The National Universities Commission received the directive from the Honourable Minister of Education, Ref. DE/HE/37/VII/324 and dated 4th September 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 Treasury Single Account (and to grant universities and research institutes autonomy in operating their endowment fund accounts in commercial banks. Please see attached.”