1 month ago
5 ARTICLE AD
Accountant-General of the Federation, Oluwatoyin Madein
The Accountant-General of the Federation, Dr Oluwatoyin Madein, has issued new guidelines for excluding third-party research grant funds of Federal Universities and Research Institutions from the Treasury Single Account.
According to a statement by the Director of Press and Public Relations at the Office of the AGF, Bawa Mokwa, this announcement was made through a federal treasury circular released in Abuja, with the guidelines set for immediate implementation.
It stated that the new directives follow President Bola Tinubu’s approval to exempt research grants and endowment funds of Federal Universities and Research Institutions from the TSA policy.
Under the guidelines, institutions are required to secure approval from the AGF before opening research grants or endowment fund accounts with commercial banks.
Meanwhile, all other accounts must continue to be maintained with the Central Bank of Nigeria.
Madein, whose office oversees the TSA policy for the government, highlighted that all research grants and endowment funds must be supported by properly executed Memoranda of Understanding between the institutions and the granting bodies.
“The Office of the Accountant General of the Federation shall maintain list of all research grant/endowment fund bank account(s) opened by all Federal Universities and Research Institutions pursuant to the presidential approval,” she stated.
Also, the management of these accounts, including accounting and transaction reporting with commercial banks, will be the responsibility of the Bursary or Accounts Departments of the respective institutions.
Madein emphasised that these accounts are strictly for receiving grants, and no other public funds should be handled through them.
She further clarified that such accounts will not be considered operational accounts for the institutions.
The guidelines also require institutions to submit annual returns, including bank statements and reconciliation reports, to the OAGF for inclusion in the government’s General Purpose Financial Statement.
According to the statement, compliance with the TSA/e-collection policy guidelines remains mandatory for all institutions.
In a related development, the OAGF had previously issued operational guidelines regarding the exit of tertiary institutions from the Integrated Personnel and Payroll Information System.
The circular specified that payrolls for October 2024 would be processed on the IPPIS platform, while the payrolls for November and December 2024 would be managed by the institutions, reviewed by the OAGF’s IPPIS unit, and processed through the Government Integrated Financial Management Information System.
