Besides the amount collected so far, it also has an outstanding N6.82 billion, and another N23.10 billion, representing outstanding principal payable by FIRS, according to tax amnesty update .

Tax amnesty is a limited-time opportunity for a specified group of taxpayers to pay a defined amount in exchange for forgiveness of a tax liability (including interest and penalties) relating to a previous tax period.

Desirous of raising non-oil revenue sources, Vice President Yemi Osinbajo, while acting as president on June 29, 2017, signed Executive Order No. 004 authorising the Federal Ministry of Finance to set up a Voluntary Assets and Income Declaration Scheme (VAIDS) for all categories of taxpayers in default of taxes.

Registered taxpayers targeted with VAIDS were tax defaulters with additional disclosures or liabilities; those currently undergoing a tax audit or investigation by any relevant tax authority (RTA); and those that engaged in pending tax disputes, who prefer to resolve such disputes through out-of-court settlement.