CSOs “Defend Olympics Spending, Cite Currency Fluctuations

By Jonathan Nda- Isaiah

A coalition of civil society groups has come out strongly against recent criticisms of Nigeria’s spending on the 2024 Olympics, calling such attacks “misplaced, wicked, senseless and reprehensible.”

The groups, including the Coalition of Civil Society Groups for Peace, Security, Good Governance, Equity & Justice and Media Practitioners for Development (MPD), argue that critics are failing to account for significant economic factors, particularly currency fluctuations.

In a press statement released in Abuja, coalition representatives Mr. Johnson Eze and Comrade James Okoronkwo pointed out that the N12 billion spent on the 2024 Olympics and Paralympics combined amounts to roughly $7 million at current exchange rates.

This figure, they argue, is comparable to the $8 million spent during the 2020/2021 Olympics, which had a budget of N3.1 billion.

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“Critics are overlooking the dramatic shift in exchange rates,” the statement emphasized.

“In 2021, the naira averaged about N400 to the dollar. Today, we’re looking at around N1,600 to the dollar. When you factor this in, along with inflation rates jumping from 16.3% to 33.3%, the current spending is not out of line with previous years.”

The groups also highlighted that the 2024 budget covered both the Olympics and Paralympics, including qualification events, and supported a larger contingent of 110 athletes compared to 92 in the previous games.

While defending the spending, the coalition praised Sports Minister Sen. John Owan-Enoh for Nigeria’s recent sporting successes, particularly in the Paralympics.

They called on Nigerians to support the minister’s efforts to advance the country’s sports programs, rather than engaging in what they view as unproductive criticism.

They urged a more nuanced understanding of sports funding in the context of Nigeria’s economic realities, suggesting that the focus should be on the athletes’ achievements rather than on misinterpreted budget figures.