New revenue formula: President Buhari receives report, awaits constitution review process


President Buhari has received a report on new revenue formula which seeks a 3.33 percent reduction in the current federal government allocation

The report was presented by the Revenue Mobilisation, Allocation and Fiscal Commission.

President Buhari however 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.

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.

The development is coming on the heels of the review of the current revenue sharing formula by Revenue Mobilisation, Allocation and Fiscal Commission,

which commenced in June, last year.

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