The Accountant General of the Federation, Dr Oluwatoyin Madein, has issued guidelines for the exclusion of third-party research grant funds of federal universities and research institutions from the Treasury Single Account (TSA).
In a federal Treasury circular issued in Abuja, Dr Madein said the new guidelines would be implemented immediately.
She said the guidelines were a sequel to the President’s approval of the exemption of research grants and endowment funds of federal universities and research institutions from the Treasury Single Account (TSA) policy.
Bawa Mokwa, Director (Press and Public Relations), said in a statement that “One of the guidelines is that Federal Universities and Research Institutions are to obtain the approval of the Accountant General of the Federation before opening research grant/endowment fund accounts with commercial banks, while all other accounts are to remain with the Central Bank of Nigeria (CBN).”.
Dr. Madein, whose Office manages the Treasury Single Accounts (TSA) policy for the government, made known that all research grants and endowment funds must be supported by a well-executed Memoranda of Understanding (MoU) between the tertiary institutions and the granting bodies.
According to Dr. Madein, “The Office of the Accountant General of the Federation (OAGF) shall maintain a list of all research grant/endowment fund bank account(s) opened by all Federal Universities and Research Institutions pursuant to the presidential approval.”.
Also, “The management of the accounts, including accounting and reporting of transactions with the commercial banks, shall be restricted to the Bursary/Accounts Departments of the tertiary institutions.”
While reiterating that the research grant/endowment fund accounts shall be strictly for receiving grants, Dr Madein said on no grounds shall other public funds be operated in such accounts and that such accounts “shall not be deemed to be the operational accounts of the tertiary institutions/research institutes.”.
The Accountant General of the Federation said annual returns, including bank statements and bank reconciliation statements on the research grants/endowment accounts, shall be submitted by the institutions to her office for reconciliation into the General Purpose Financial Statement (GPFS) of the government.
Dr. Madein maintained that in all their operations, the institutions are to strictly comply with the TSA/e-collection policy guidelines.
Earlier, the Office of the Accountant General of the Federation had issued operational guidelines for the exit of tertiary institutions from the Integrated Personnel and Payroll Information System (IPPIS).
In the guidelines, the office stated that “the payrolls for the month of October 2024 for the tertiary institutions shall be processed on the IPPIS platform, while those for November and December 2024 shall be processed by the institution and shall be checked by the OAGF IPPIS and paid through the GIFMIS platform.”
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