Chidimma Uchegbu
President Bola Ahmed Tinubu has ordered the removal of third-party research grant funds of Federal Universities and Research Institutes from the Treasury Single Account (TSA).
He also granted approval for universities and research institutes to have autonomy in operating their endowment fund accounts in commercial banks.
The approvals were contained in a letter made available to the National Universities Commission (NUC) by the Principal Secretary to the president.
The NUC announced these to journalists in Abuja, through a letter titled “Re: Request for Exclusion of Third-Party Research Grant Funds of Federal Universities and Research Institutions from the Treasury Single Account,”
The letter which was signed by Acting Executive Secretary of the commission reads: “The National Universities Commission (NUC) is in receipt of 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 (TSA), and to grant Universities and Research Institutes autonomy in operating their endowment fund aCcounts in Commercial banks. Please see attached.
“Consequently, I am to convey Mr. President’s approval on the above subject to Vice- Chancellors of Federal Universities for further necessary action.
“I am to add that joining instructions which appertain to operational guidelines will be issued under separate cover.”
