The Revenue Mobilization Allocation and Fiscal Commission (RMAFC), has presented a report on the proposed new revenue sharing formula to President Muhammadu Buhari.
The RMAFC led by Engr. Elias Mbam made the presentation to the President at the Aso Rock Villa in Abuja on Thursday.
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The report proposes a sharing formula of 45.17 percent for the federal government, 29.79 percent for state governments, and 21.04 percent for the local governments.
Speaking at the event where he received the report, presidential spokesperson, Femi Adesina in a statement quoted President Muhammadu Buhari to have said he will await the final outcome of the constitutional review process before presenting the report of the review of the vertical revenue allocation formula to the National Assembly as a Bill for enactment.