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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.

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