The Ministry of Youth and Sports Development has revealed that it has applied to the Federal Government for a bailout of N2 billion to augment funds the Games.
The Minister of Sports, Barrister Solomon Dalung, made the disclosure on Tuesday at a stakeholders meeting on Team Nigeria’s preparation for the Games.
Stressing that the N2 billion would augment the N500 million earlier set aside by the Federal Government for the Games, he said: “We have applied for additional funding for Rio because the N500 million voted for it will be insufficient; we have applied based on the needs we have.
“We are asking the FG if funds will be available to augment our budget for Rio with at least about N2 billion based on the competitions, commitments and responsibilities bothering on our participation.
“If we get as applied, it will help and if we get less than that we can still manage because we are aware of the situation in the country. The President has made his commitment for Rio 2016 and I don’t think there is anything we need more than that commitment.
“We are sourcing our funds as it is expected and we will definitely move when it is time to move but we have written and whether we will get the money is another thing.
“Presently we are pursuing the approval which the president has directed and until that is done, I cannot tell you how much we have; we will tell Nigerians how much the president approved when it’s done.”
Dalung equally revealed that Team Nigeria has received $103,000 from the International Olympics Committee through the Nigeria Olympic Committee, adding that the money has been disbursed accordingly to the various athletes preparing the Games.
He said official handing over of Team Nigeria athletes would be made by President Buhari to the Nigeria Olympic Committee on July 19 at the Banquet Hall of the Presidential Villa, Abuja.
Dalung noted that over 95 athletes have so far qualified for the 2016 Olympics, adding that he was satisfied with the athletes’ preparation for the Games.
The minister pointed out that a monitoring team had been set up to monitor the athletes’ preparation.
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