NOC meets tomorrow over IOC’s $100m largesse, Tokyo 2020 preparations

The Nigeria Olympic Committee (NOC) will meet tomorrow to decide on the modalities for the disbursement of the $800 million palliatives, which the International Olympic Committee (IOC) has earmarked for its member associations, officials of the body have disclosed. Also on the NOC’s agenda is Nigeria’s participation in the Tokyo 2020 Olympic Games, which has been postponed to next year.

The IOC recently approved a financial envelope of up to $800 million to address the COVID-19 crisis, with about $100 million of the sum going to national committees.

According to the IOC, it wl cost up to $800 million for its part of the responsibilities for the organisation of the Olympic Games Tokyo 2020, its own extended operations and the support for the wider Olympic Movement.

This amount will be covered by the IOC itself, including any funding from the Olympic Foundation. According to reports, the IOC has aided different countries’ international sporting federations with more than $100 million since the outbreak of the COVID-19 crisis.

NOC’s Media Officer, Phemmy Adetula, said the committee would look at ways of supporting the sports federations with the IOC largesse, as well as aiding Nigerian athletes’ preparations for the Tokyo Olympic Games.

“The IOC’s financial aid or loan to various international sports federations to cushion the effects of the COVID-19 has been lingering. I cannot say anything on it until the NOC meets on Wednesday (today) to deliberate on it and other issues concerning the Olympics.

“It is only after the meeting that we can tell you and the public where we stand on the issues. For now, there is nothing NOC can confirm on the palliative,” Adetula told The Guardian.

The Guardian recalls that the IOC last week said that the $100 million to the national committees should help settle half of the costs incurred when the 2020 Tokyo Olympics were postponed to 2021.

It said the payment was consistent with the IOC’s organising responsibilities, adding that it has already allocated $63 million to sports federations (IFs, or “international federations”) and $37 million to National Olympic Committees (or NOCs) for a total of $100 million in aid so far.