President Muhammadu Buhari has expressed sincere regrets for the inconvenience caused to citizens of the country following a prolonged shortages of petroleum products and electricity supply.

President Muhammadu Buhari has received a report on the review of the vertical revenue allocation formula from the Revenue Mobilisation, Allocation and Fiscal Commission, RMAFC.


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.


Under the current sharing arrangement, the federal government takes
52.68 percent of the revenue shared, states get 26.72 percent while local
governments get 20.60 percent.


The development is coming on the heels of the review of the current
revenue sharing formula by RMAFC, which commenced in June, last
year. 


Meanwhile. according to a statement by Femi Adesina, presidential
spokesperson on Thursday, Buhari said he will await the final outcome
of the constitutional review process before presenting the report to the
National Assembly.