Revenue Mobilization and Fiscal Commission (RMAFC) has finally submitted to president Buhari, a new revenue formula for sharing revenue between the three tiers of government from the federation account.
The last time the revenue sharing formula was reviewed was in 1992.
According to the proposed formula by the agency, the allocation of federal government from federation account was reduced from 52.67% to 45.17%.
For the state governments, their share went up from 26.72% to 29.79%, while that of local government also increased from 20.60% to 21.04%.
RMAFC chairman, Elias Mba, submitted the recommendation to President Buhari at the presidential villa, Abuja on Thursday.
Buhari said he would have immediately forwarded the recommendation to the national assembly for consideration but would await the outcome of the ongoing review of the constitutional amendment bill.
According to Buhari, some of the recommendations in the report may be affected by the outcome of the constitutional review.