By Levinus Nwabughiogu

ABUJA-Finally, the federal government had expunged endowment funds of the Universities from the Treasury Single Accounts, TSA and returned it to the authorities of the institutions.

This was one of the 8 demands pressed on the government by the Academic Staff Union of Universities, ASUU and why the Union proceeded on one week warning strike.

The decision was taken on a day, the federal government also approved the sum of N456m for procurement of 67 cars for Federal Road Safety Corps, FRSC for patrol and surveillance.

Federal Executive Council, FEC at its meeting on Wednesday took the decision on behalf of the federal government.

Briefing State House Correspondents at the end of the meeting presided over by Vice President Yemi Osinbajo at the presidential Villa, Abuja, the Minister of Labour and Productivity, Chris Ngige who was joined by his counter-parts in Information, Lai Mohammed and Budget and National Planning, Udo Udoma said that FEC however didn’t not concede to paying the end allowances demanded by ASUU due to the present economic recession.

He said: “There was a report on ASUU strike by the Minister of Education and we have made headway. ASUU had some demands; about 8 of them. Seven of them have been trashed out.

Government conceded to them the right to exclude endowment funds that accrued to Universities from the Single Treasury Account, TSA.

“The single treasury account is not for punishment, it is an account that enables any government institution to know what their financial position is at any given time.

“It also makes for accountability. You pay in whatever you drive from government funds, ask for it back and you get it. The only thing is that you must do the paper work for the accountability aspect of it to be there and for any institution, they should be able to look at first glance, see the monies they have in account A, B or C at the CBN add up and know what they have.

“Government agrees to ASUU’s demand but limited it to only endowment funds. But that doesn’t also mean that at the end of the day, the University councils will not have right to audit such an account, that is really the only area that is still contentious.

“The other aspect of it is the end allowances. The end allowances are the only one that is not sorted out now because everybody knows and agrees that we are in recession. If we are in a recession and you are asking us to pay you 284 billion, nobody will pay it because the money is not there.