The federal government of Nigeria has directed the exclusion of third-party research grant funds of federal universities and research institutions from the Treasury Single Account (TSA). This directive aims to enhance the financial autonomy of these institutions, promoting research and innovation in the country.
The directive, conveyed by the Acting Executive Secretary of the National Universities Commission (NUC), Chris Maiyaki, to vice-chancellors, was based on a letter received from the Minister of Education, Tahir Mamman. The letter communicated the president's directive to the Coordinating Minister of Finance and National Economy, Wale Edun, mandating the exemption of research grant funds from the TSA.
Additionally, the directive grants universities and research institutions the autonomy to operate their endowment fund accounts in commercial banks. This move is expected to provide these institutions with more flexibility in managing their financial resources, ultimately leading to enhanced research and innovation.
The decision to exempt research grant funds from the TSA is a significant step forward in empowering Nigerian universities and research institutions. The TSA, a centralized system for managing government finances, has been in place to improve transparency and accountability. However, the exclusion of research grant funds from this system recognizes the unique needs and financial requirements of academic and research institutions.
This directive is a response to the long-standing concerns raised by the academic and research community regarding the challenges posed by the TSA for their operations. The ability to manage research grant funds independently and without the constraints of the TSA is expected to provide these institutions with the necessary resources and flexibility to pursue cutting-edge research and development.
The move is also aligned with the government's efforts to promote research and innovation as key drivers of economic growth and development in Nigeria. By granting universities and research institutions greater financial autonomy, the federal government aims to create an enabling environment for these institutions to thrive and contribute to the nation's scientific and technological advancements.
This directive is a significant win for the academic and research community in Nigeria, and it is expected to have far-reaching implications for the future of higher education and research in the country. The successful implementation of this policy and the continued support from the government will be crucial in ensuring that Nigerian universities and research institutions can fully capitalize on this opportunity and deliver tangible benefits to the nation.
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