The newly appointed governing councils of federal tertiary institutions have made a heartfelt appeal to President Bola Tinubu, urging him to exempt these institutions from the Treasury Single Account (TSA) system currently mandated by the Nigerian government.
Chief Wole Olanipekun (SAN), speaking on behalf of the University of Lagos Governing Council and its counterparts, emphasized this plea during their inauguration in Abuja. He highlighted the challenges faced by these institutions under the full implementation of the TSA policy initiated by former President Muhammadu Buhari in 2015. This policy compels all revenues, including those generated by tertiary institutions, to be consolidated into a single government account managed by the Central Bank of Nigeria (CBN).
Olanipekun passionately argued that universities should have more autonomy in managing their finances, citing the impracticality of seeking federal approval for routine expenditures: “We don’t expect universities, which generate their own revenues, to be subjected to the TSA regime. It’s unworkable. Let us free our universities,” he asserted amidst applause from fellow council members.
He recounted his experience at the University of Ibadan, where internally generated revenue was crucial for paying staff salaries promptly, even in the absence of timely federal disbursements. Olanipekun stressed the importance of education in national development and appealed to the Education Minister to convey their plea respectfully to President Tinubu.
“I am speaking on behalf of all of us,” Olanipekun emphasized, urging a collaborative approach between the governing councils and university managements. He advocated for mutual respect to foster a productive environment, stating, “When we engage with universities, our aim should be constructive, not confrontational. This is how we contribute meaningfully to society.”
In conclusion, Olanipekun underscored the councils’ commitment to enhancing university productivity and urged the government to reconsider the TSA policy’s impact on tertiary institutions: “We plead for a review in the spirit of advancing education and national development,” he appealed, hoping for a positive response from the President through the minister’s intervention.
