1.4b BUDGET: Nigeria face cash crunch

| January 22, 2013 | 0 Comments

Nigeria face a cash squeeze at the AFCON after only about half of a proposed 1.4 billion Naira (less than $9 million) budget was approved.

MTNFootball.com specifically gathered from officials here at the Nations Cup in South Africa that the government only approved 790 million Naira (about $5 million) from their proposed expenditure.

And of this approved budget, the Nigeria sports ministry has released only 490 million Naira to the NFF with a promise to release the balance this week. The ministry also received another 220 million Naira ($1.3 million) for the Nations Cup.

“The NFF are groaning under serious financial problems in South Africa as they only received about half of the budget approved for the tournament. There is a promise for them to get the balance of this budget but even then that may not be adequate as what was finally approved was just about half of their request,” a top source informed MTNFootball.com.

The situation is so serious that Nigeria have had to step down on a bonus scheme that would have fetched each player about $100,000 were they to win the on-going AFCON in South Africa.

Officials said the money problems will continue for the remaining part of a year in which the NFF have to prosecute six 2014 World Cup qualifiers beginning with a home game against Kenya in March.

Nigeria will also feature at the African Youth Championship, the African Junior Championship as well as the African Beach Soccer Championship all in 2013.


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Category: Sports