The Accountant-General of the Federation, Dr. Oluwatoyin Madein, has issued new directives on research grant funds.

According to a statement from the Office of the AGF, the move follows President Bola Tinubu’s approval to exempt research grants and endowment funds of Federal Universities and Research Institutions from the TSA. The guidelines exclude such funds from the Treasury Single Account (TSA) policy.

Institutions must now secure approval from the AGF to open accounts with commercial banks for these funds, while all other accounts remain with the Central Bank of Nigeria.

Dr. Madein clarified that these accounts are exclusively for receiving grants, governed by properly executed Memoranda of Understanding with granting bodies. The management of the accounts, including transaction reporting, will fall under the responsibility of the institutions’ Bursary or Accounts Departments.

Institutions are required to submit annual reports to the AGF, and compliance with TSA/e-collection policy guidelines remains mandatory for all other institutional accounts.