Federal Government Announces Exemption of University Research Grants from TSA
The Federal Government has directed that third-party research grants for federal universities and research institutions be exempted from the Treasury Single Account (TSA). This decision was communicated in a letter from the National Universities Commission (NUC) to Vice Chancellors, dated September 4th.
Education Minister Professor Tahir Mamman conveyed President Bola Tinubu’s instruction to Finance Minister and Coordinating Minister for the Economy, Wale Edun, to implement this exemption. According to FIRST CLASS GISTS, the new policy also grants universities and research institutions the autonomy to manage their endowment funds through commercial banks.
The NUC’s letter, signed by Acting Executive Secretary Chris Maiyaki, states: “The National Universities Commission received the directive from the Honourable Minister of Education, Ref. DE/HE/37/VII/324, dated September 4, 2024, which forwards the correspondence from the Principal Secretary to the President, State House, dated July 23, 2024, on this matter.”
The directive aims to enhance financial independence for universities and research institutions, thereby fostering research and innovation inNigeria.
