Failure to qualify for the 2022 World Cup will cost Nigeria at least $12 million.
According to ESPN, the figure comprises a $2 million preparation grant from FIFA and $10 million base participation fee.
The president of the Nigeria Football Federation (NFF), Amaju Pinnick, has also spoken about the plans made by the official kit sponsors of the Super Eagles, Nike.
According to Pinnick, Nike were planning to make special shirts for the World Cup and would have sold “a minimum of 10 million shirts”.
He said: “I can tell you the loss is monumental. It is unquantifiable. We have been working with our partners to make great plans for the World Cup. For instance, if you had seen what Nike was bringing out for the World Cup, they would have sold a minimum of 10 million shirts.
“The players too would have received $3.5 million from the FIFA money. But since this dream of going to the World Cup was shattered, it has been so tough for us in the federation, especially me. You cannot imagine what we have been going through.
“We did not leave any stone unturned as a federation. After our exit from the Africa Cup of Nations Cup (AFCON), we met immediately to start strategising. We went to London to hold meetings with the players and they were very enthusiastic and excited.
“They raised issues that they wanted us to take care of, from jerseys to playing pitch, to hotel to the aircraft that they would fly to Ghana with and we addressed every issue they raised.
“We did everything we needed to do. We are bewildered. It was a monumental loss, not just to the federation, but to the Nigerian people.
“Nigerians should forgive us and I will take responsibility as the head of the federation and apologise. We did everything humanly and materially possible to make sure that they qualify.”