The federal government has given a directive to the ministry of finance allowing federal universities to operate an endowment fund independent of the Treasury Single Account (TSA).

The TSA is a public accounting system where the earnings of all revenue-generating government agencies, including publicly funded tertiary institutions, are paid into a single account or a set of linked government accounts.

In Nigeria, this financial policy was proposed in 2012 under the Goodluck Jonathan administration.

Its implementation began in September 2015 under former President Muhammadu Buhari, ensuring that all payments are made through a consolidated revenue account (CRA) at the central bank.

The initiative was aimed at increasing accountability and checking cases of multiple accounts run by government ministries, departments, and agencies.

Public tertiary institutions in Nigeria have been grappling with a sustainability crisis for years due to inadequate federal funding.

Calls to rejig and diversify the funding framework for federal universities have intensified in recent years, with more institutions looking to operate endowment funds.

Endowment funds are a pool of donated money that is invested to generate income for an institution’s long-term financial stability.

Typically, the principal amount is preserved and not spent while a portion of the investment returns is used to support the university’s operations, critical infrastructure, scholarships, research, faculty salaries, or campus development.

However, Nigeria’s TSA policy and a general lack of financial autonomy have long held public universities back from pooling funds to invest in profitable ventures.

The National Universities Commission (NUC), in a letter addressed to vice-chancellors and seen by TheCable, says it has now received a presidential directive that looks to grant federal universities the approval to operate endowment funds domiciled with commercial banks.

Chris Maiyaki, acting executive secretary of the NUC, said the approval was contained in a letter from the ministry of education.

He said the letter with the reference “DE/HE/37/VII/324” and dated September 4 forwarded correspondence from the principal secretary to the president referenced “PRES/87/MF/71/198/MBEP/15” and dated July 23.

Maiyaki said the directive, the implementation modalities of which will be communicated, effectively ordered the finance ministry to exclude the third-party research grants of federal universities from the TSA.

He said it also grants universities and research institutes autonomy in operating their endowment fund accounts in commercial banks.

“I am to convey Mr. President’s approval on the above subject to vice-chancellors of federal universities for further necessary action. Joining instructions which pertain to operational guidelines will be issued under separate cover,” the NUC executive secretary said.

The Joint Admissions and Matriculation Board (JAMB) has warned candidates against group processing of the Unified Tertiary Matriculation Examination (UTME) and Direct Entry (DE) applications.

In a statement via its weekly bulletin, the board said UTME and DE applications should be conducted by the candidates themselves, not through schools or agents.

It is common practice for senior secondary schools to collect additional fees from students in a coordinated registration for the UTME.

JAMB said this group processing approach has often led to inaccuracies and complications in the records of UTME and DE candidates.

It said it has noticed that a significant number of data correction requests arise from the mishandling of candidate information during group registrations conducted by schools.

“Moving forward, the board will not accommodate requests for corrections from candidates whose details have been compromised due to such collective processing,” JAMB said.

JAMB advised parents to ensure their children or wards complete their registrations for any of the board’s operations personally.

It said registration for the UTME and other processes of the board is integral to the educational experience of candidates.

“Group processing by schools hinders candidates from fully understanding these essential procedures,” it added.

“We urge parents to avoid making payments to schools under the guise of JAMB UTME registration.

“The board will not rectify any errors that arise from school registrations, as we prioritize the integrity and accuracy of each candidate’s information.”

The Edo State Government has announced an indefinite postponement of resumption of all schools in the state over the hike in fuel price.

The government announced this in a memo by the Permanent Secretary in the Ministry of Education, Ojo Akin-Longe, in Benin on Saturday.

The permanent secretary said the resumption, scheduled for Sept. 9, was postponed until further notice.

“The Edo State Government hereby announces the postponement of the resumption of all public and private schools in Edo State, originally scheduled for Monday, 9th September 2024, until further notice.

“An official statement from the government has directed that schools remain closed due to the tension arising from the recent increase in fuel prices and the challenges faced by parents and guardians.

“The government urges parents, guardians, and caregivers to monitor the activities of their children and wards closely, given the current situation and the rising tension caused by the fuel price hike,” Akin-Longe said.