ABUJA, Oct 23: The financial crisis has forced Nigeria to withdraw from hosting the 2009 Under-17 World Cup, the government said on Wednesday.

The local committee organising the competition had put forward a total budget of 37 billion naira ($314 million) which the government rejected as too large, Information Minister John Odey said after a cabinet meeting.

“It is quite clear that in view of the current financial crisis, government alone cannot bear the cost. We are exercising a lot of caution and prioritising our needs,” he said.

The withdrawal of Nigeria, the world’s eighth-biggest oil exporter, came barely a week after President Umaru Yar’Adua said hosting the championship would help promote sports in the soccer-mad country.—Reuters