Babatunji Wusu –
- AGF issues guidelines exempting research grants from the TSA for federal universities.
- Institutions must seek AGF approval to open accounts for research grants with commercial banks.
- All other accounts must remain with the Central Bank of Nigeria (CBN).
- Strict management and reporting protocols for research grants are mandated.
- Annual returns on grant accounts will be reconciled into the government’s financial statements.
- Institutions are reminded to comply with TSA and e-collection policies.
The Accountant General of the Federation (AGF), Dr. Oluwatoyin Madein, has announced new guidelines to exclude research grants from the Treasury Single Account (TSA) for Federal Universities and Research Institutions. This directive was issued in a federal treasury circular in Abuja on Thursday and is effective immediately.
These guidelines follow President Bola Tinubu’s approval to exempt research grants and endowment funds from the TSA framework. According to the new regulations, federal universities and research institutions must obtain approval from the AGF before opening any accounts related to research grants or endowment funds with commercial banks. All other accounts must remain with the Central Bank of Nigeria (CBN).
Dr. Madein, who oversees TSA policy, emphasized that all research grants and endowment funds must be supported by well-executed Memoranda of Understanding (MOUs) between the institutions and the granting bodies. The Office of the AGF will maintain a comprehensive list of all research grant and endowment fund accounts established under this presidential approval.
The management of these accounts, including all accounting and transaction reporting, will be restricted to the bursary or accounts departments of the respective institutions. The AGF highlighted that these accounts are strictly designated for receiving research grants, and no other public funds should be deposited or operated within them. “Such accounts shall not be deemed operational accounts of the tertiary institutions or research institutes,” she clarified.
Furthermore, annual returns, including bank statements and reconciliation statements for these accounts, must be submitted to the AGF’s office for reconciliation. These returns will also be incorporated into the General Purpose Financial Statement (GPFS) of the government.
Dr. Madein reiterated that institutions must strictly adhere to TSA and e-collection policy guidelines in all their operations. Additionally, the AGF’s office had previously issued operational guidelines regarding the exit of tertiary institutions from the Integrated Personnel and Payroll Information System (IPPIS), indicating that payrolls for October would be processed on the IPPIS platform, while those for November and December would be handled by the institutions and verified by the OAGF IPPIS, with payments made through the GIFMIS platform.
