OAU Governing Council Chairman Calls for Removal of University Endowment Funds and Research Grants from TSA

Professor Saiyan Oyeweso, Chairman of the Governing Council at Obafemi Awolowo University (OAU), has called on the federal government to exempt university endowment funds and research grants from the Treasury Single Account (TSA) to improve research efficiency.

Jul 23, 2024 - 12:15

OAU Governing Council Chairman Calls for Removal of University Endowment Funds and Research Grants from TSA

Professor Saiyan Oyeweso, Chairman of the Governing Council at Obafemi Awolowo University (OAU), has urged the federal government to exempt university endowment funds and research grants from the Treasury Single Account (TSA) to enhance research efficiency.

Speaking to newsmen after his inaugural council meeting at the University Senate Building, Professor Oyeweso emphasized the negative impact of the TSA on the financial management of university funds. “Keeping endowment funds in TSA is not useful as it will not allow for investment that could yield returns,” he stated. He argued that no individual or corporate organization would invest in a research or endowment fund if it remains dormant in an account for extended periods.

Additionally, Professor Oyeweso expressed concerns over the non-compliance with President Bola Tinubu’s directive to remove university lecturers’ salaries from the Integrated Personnel and Payroll Information System (IPPIS). He called for an investigation into the reasons behind the partial compliance and urged the Presidency to address those responsible for the violation.

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“It is unfortunate that some persons have decided to disobey the directive of the President to remove salaries of varsity lecturers from IPPIS. It is important that the Presidency set up a committee to investigate why the directive was not fully complied with in the first place, and those behind such action should be dealt with to deter reoccurrence,” he said.

Professor Oyeweso stressed that the current financial system discourages contributions to university development from potential donors and organizations. He maintained that a reformed approach is essential for fostering academic growth and research advancements.