You can wait for somebody and you can wait for something and you can wait for a period of time:
I'm waiting for Bob.
He waited for the bus.
We have been waiting for two hours.
To wait on usually means to serve:
He waits on his children. (He does everything for them.)
I'm waiting on table two. (I'm serving table two.)
But it can have the same meaning as to wait for when you are expecting some kind of result before making a decision:
We are waiting on/for the outcome of next week's meeting before deciding what to do.
In the example that you give, the use of "on" is incorrct.
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