FUNDING: Olanipekun pleads with FG to exempt higher institutions from TSA
The newly inaugurated governing councils of federal tertiary institutions have called on the government of President Bola Tinubu to exempt their institutions from the Treasury Single Account (TSA) policy operated by the Nigerian government.
Wole Olanipekun, Senior Advocate of Nigeria (SAN) and chairperson of the University of Lagos Governing Council, made this appeal on behalf of the councils during their inauguration in Abuja on Thursday.
In his remarks at the inauguration, Olanipekun stated that the implementation has posed significant challenges for tertiary institutions, which have unique financial needs.
He argued that requiring universities to seek government approval for expenditures is impractical and stifles their productivity.
“We don’t expect a country like ours or universities in the country to generate revenues and still put them under the regime of TSA. It cannot work. Let us liberate the universities,” he said, receiving applause from council members at the Idris Abdulkadir Auditorium.
He further highlighted that during his tenure as pro-chancellor of the University of Ibadan (2009-2013), the institution managed to pay staff salaries and a 13th-month bonus from internally generated revenue, without relying on federal government funds.
Olanipekun urged the education minister to relay their plea to President Tinubu, emphasizing the critical role of education and the need for financial autonomy for universities.
“I am saying this on bended knees on behalf of all of us,” he added.
He also encouraged his colleagues to maintain a collaborative relationship with their institutions’ management, emphasizing mutual respect and a shared goal of building, not destroying, educational institutions.
The TSA policy mandates all Ministries, Departments, and Agencies (MDAs) to use a single account domiciled at the Central Bank of Nigeria (CBN) for all transactions.
Initially introduced in 2012, the policy aimed to curb fraudulent practices associated with multiple bank accounts.
However it was not operational until in 2015, when former President Muhammadu Buhari ordered its full implementation, mandating that all payments, including revenues from tertiary institutions, be directed into the unified account at the CBN.
