President Muhammadu Buhari has received the report on New Revenue Formula from the Revenue Mobilisation Allocation and Fiscal Commission RMAFC in the State House, Abuja.
The report was presented to the president by the leadership of RMAFC, led by Elias Mbam.
Receiving the report, Buhari said he would 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.
Buhari assured members of the commission that the Federal Government would immediately subject the report to its internal review and approval processes, while awaiting finalisation of the efforts by the National Assembly.
He commended the RMAFC for a job painstakingly done, pledging his unwavering commitment and support to them in carrying out their constitutional mandates.
He also thanked Nigerians, especially the State and Local Governments, for making their inputs through the broad stakeholder engagement processes that produced the report.
