The Federal Government has announced a N100m financial reward for each member of Nigeria’s U-17 women’s national team, the Flamingos, following their historic triumph at the FIFA U-17 Women’s World Cup.
The announcement was made by First Lady Oluremi Tinubu on Wednesday when she received the players and their officials at the Presidential Villa in Abuja on behalf of President Bola Tinubu.
As part of the reward package, the team’s head coach will also receive a N100m Federal Government Savings Bond, while every member of the technical crew will be given N50m in cash.
However, the government has opted to place the players’ rewards in long-term savings investments rather than hand them the entire amount in cash, a decision the Chairman of the National Sports Commission, Shehu Dikko, said was aimed at protecting their future.
Explaining the decision, Dikko said the players, who are mostly teenagers, needed a financial arrangement that would benefit them beyond their immediate achievement.
“There is no need to flood them with money that can distort their career,” he said.
He further explained that each player would receive a five-year Federal Government Savings Bond carrying annual interest rates of between 12 and 14 per cent.
Dikko said the arrangement would generate additional income for the players throughout the investment period.
“So we are now giving them what we call an FGN savings bond for like five years. That savings bond comes at like 14, 12 per cent interest annually, meaning each of them will be adding like N1.1m plus monthly for the next five years,” he explained.
According to him, the financial arrangement would give the young footballers room to concentrate on their education and sporting development without the pressure of managing a large cash reward at their age.
He added that by the time the investments mature, the players would have grown into adulthood and would be in a better position to make financial decisions.
The Flamingos made history with their achievement, becoming the first African nation to win the FIFA U-17 Women’s World Cup, an accomplishment that has now attracted recognition and financial rewards from the Nigerian government.
