President Bola Tinubu has directed the exclusion of third-party research grant funds from the Treasury Single Account (TSA) for federal universities and research institutions.
This move is intended to enhance financial autonomy and foster greater research and innovation across Nigeria’s higher education and research sectors.
The directive was communicated by the Minister of Education, Prof. Tahir Mamman, to the Coordinating Minister of Finance and National Economy, Mr. Wale Edun. Additionally, the directive grants universities and research institutions the autonomy to operate their endowment fund accounts in commercial banks, a decision that is aimed at providing them with more financial control.
The National Universities Commission (NUC) relayed this directive to vice-chancellors in a letter dated September 6, 2024.
This directive marks a significant change in the financial management practices of federal universities and research institutions.
Previously, the requirement to channel research grants through the TSA had been criticized for creating bureaucratic delays and making it more difficult for institutions to access and allocate resources for research in a timely manner. The new directive is expected to address these challenges, making funding more accessible and ensuring smoother operations.
The decision is also part of President Tinubu’s broader efforts to strengthen the country’s higher education system, providing the necessary tools for universities to collaborate more effectively with international donors and research organizations. This enhanced financial independence is anticipated to improve the global competitiveness of Nigerian universities and help foster cutting-edge research that can address critical national and global issues.
READ ANOTHER RECENT STORY HERE: https://lagostalks.com/presidency-denies-ownership-of-yatch-flying-nigerian-flag/
