The Federal Government has removed universities and other research institutions from the Treasury Single Account (TSA).
This was contained in a memo from the National Universities Commission (NUC) to the Vice Chancellors of Federal Universities made available to journalists in Abuja to, Monday, September 9.
The memo which was signed by the NUC Acting Executive Secretary, Chris Maiyaki, further indicated that the President, Bola Ahmed Tinubu, has also directed the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, to take necessary actions in that regard.
The request has been one of the agitations of the Academic Staff Union of Universities (ASUU).
Part of the memo read: “The National Universities Commission (NUC) is in receipt of the directive from the Honourable Minister of Education, Prof. Tahir Mamman, 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 subject matter.
“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 pertain to operational guidelines will be issued under separate cover.”
