On the 29th of June 2017, the Acting President, Prof. Yemi Osinbajo launched the Voluntary Assets and Income Declaration Scheme (VAIDS) to address the issue of tax default in Nigeria. The Scheme which became effective on the 1st of July 2017 provides a 9-month opportunity for eligible taxpayers to regularise their tax status; pay all outstanding taxes; prevent and stop tax evasion; and ensure full tax compliance. Failure of eligible taxpayers to comply with the VAIDS within the 9-month period will result in stipulated penalties.