One Nigeria Naira officially goes for $197 and £286 while it costs higher on the parallel market.

Dalung was at the National Assembly on Thursday, May 19, to brief the Senate Committee on Sports on Rio Olympic preparations

While expressing confidence that Nigerian athletes will have better outing at the games, Dalung says the sports federation are having financial difficulties.

"It's a bit more difficult for us now because of the exchange rate. Funding for our remaining programmes is unavailable," Dalung is quoted to say by his personal assistant on media, Nneka Ikem.

“We had a shortfall of N13b which wasn't captured in the budget and I raised an alarm" he further said.

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He was told that he'll need a Presidential approval for additional funds to avoid a national embarrassment.

Speaking further, Dalung said; “We are hopeful that Nigerian athletes will make a better outing in Rio,” he further said.

"We've made good progress in the preparation of athletes for the Games.”