It is the first time players and the federation have signed such an agreement so far ahead of the World Cup, but what exactly are the consequences of the deal?

KweséESPN presents the key highlights of the agreement.

Oliseh & former coaches are set to benefit

All 32 teams which qualify for the World Cup are entitled to $8 million each.

In their agreement with the players, the NFF have agreed to allocate 30 percent of this sum to the team, but the money will not just go to the team members who qualified for the World Cup.

All the players and officials who helped prosecute the qualifiers from the very beginning have been included in this list.

That also includes the former coach Sunday Oliseh and his staff.

Oliseh was in charge when Nigeria began the qualifiers, and oversaw the two knockout games against Swaziland which qualified Nigeria for the group stage.

Although he resigned before the commencement of the group stage, NFF sources told KweséESPN that he still gets to share in the rewards of success

"He started the process that got us to where we are now, along with all the players who took part," the official began, "and everybody who contributed deserves to be part of the reward."

A total of 37 people, players and officials, have been pencilled down as beneficiaries to the landmark agreement.

The preparation fee stays with the NFF

Along with the $8 million teams get for qualifying for the World Cup, FIFA also pays out an additional $1.5 million for preparation.

According to the agreement, the players will get no share of this money.

This makes sense, as this money goes directly into preparation for the tournament, including paying for flights, training camp, arranging friendly games, paying players daily allowances and all of the other administrative responsibilities the federation is responsible for as part of preparation.

The further they go, the more they receive

For reaching the round of 16, teams get $12 million, up from the $9 million they got in 2014.

This means that if the Super Eagles get out of the group stage, they earn an additional $4 million. The NFF has also allocated a similar 30 percent of this sum to the team.

At this point, only the players and officials in Russia share from this additional pot, on top of what they received from the initial $8 million participation fee.

However, that is not all. They also get paid a fixed sum of $5,000 as bonus for each win at the World Cup, starting from the group stage.

There is to be nothing paid for draws and losses.

This sliding scale goes all the way to the final...if the Super Eagles get there.

For instance, if they get to the final and win, they earn $38 million. Minus the initial $8 million, that means the players and officials in Russia get 30 per cent of the additional $30 million they would earn.

Alex Iwobi (L) and Brian Idowu (R) celebrate a goal Brian Idowu

Who else gets rewarded?

Players and officials will not be the only ones to benefit from the World Cup windfall.

For the first time ever, the NFF have made arrangements to also take care of its secretariat staff who help oil the wheels with their hard work behind the scenes.

A percentage of the funds that the NFF keeps will go towards rewarding these staff who worked diligently throughout the qualifiers.

These men and women have never previously been included in distribution of World Cup earnings and will enjoy the benefits for the first time in the history of the nation's participation in the tournament.

Funds to be invested in development projects

The rest of the funds are expected to go into football development at youth level, women's football, organising matches for the other national teams and overseeing qualifiers.

All of these aforementioned expenses eat up a significant portion of the NFF's proposed N6 billion budget, which is mostly dependent on government for servicing.