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Federal Government excludes research grant funds from TSA
The Federal Government has announced that third-party research grant funds belonging to federal universities and research institutions will no longer be subject to the Treasury Single Account (TSA).
In a letter from the National Universities Commission (NUC) to Vice Chancellors, dated September 6, 2024,
Education Minister Prof. Tahir Mamman conveyed President Bola Tinubu’s directive to Coordinating Minister of Finance and National Economy Wale Edun.
The directive grants universities and research institutions the autonomy to operate their endowment fund accounts in commercial banks.
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This move aims to enhance the financial autonomy of these institutions, thereby promoting research and innovation in Nigeria.
The NUC letter, signed by Acting Executive Secretary Chris Maiyaki, stated that the directive was received from the Minister of Education and originated from a correspondence from the Principal Secretary to the President.
The letter directed the Minister of Finance to exclude third-party research grant funds from the TSA and grant universities autonomy over their endowment fund accounts.
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