Nigeria finished bottom of its group with just one point after losing to Argentina and Greece and drawing with South Korea. The president said the forced hiatus would give the squad time to "put its house in order".
The BBC reports that the Nigerian Football Federation will be dissolved and an interim board appointed.
“If any financial misappropriation is discovered, all officials responsible will be held accountable,” Special presidential adviser Ima Niboro said.
Nigeria would still communicate the decision to FIFA, but the governing body reiterated that its statutes “do not allow for any political interference” in member associations.
