President Muhammadu Buhari has been presented with the report of the reviewed vertical revenue allocation formula by the Revenue Mobilization Allocation and Fiscal Commission.
According to the Chairman of the commission, Elias Mbam, the proposed vertical revenue allocation formula advised 45.17 percent for the Federal Government, 29.79 percent for state governments and 21.04 per cent for the local governments.
He said the commission recommended 1.0 percent for Ecology, 0.5 percent for Stabilization, 1.3 percent for Development of Natural Resources, and 1.2 percent for the Federal Capital Territory
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