If you are in the business circle, you would have heard about this tax amnesty programme called Voluntary Assets and Income Declaration Scheme, VAIDS.

It is aimed at giving people who have evaded taxes before now the opportunity to pay up without being prosecuted.

Two companies have taken advantage of the scheme, paying a whopping $110 million, about 33.6 billion naira using the official exchange rate of 305 naira per dollar.

The federal government hopes it can realise about 1 billion dollars from the scheme, but now after getting this sum from just two companies, it now believes it could realise far more than that.

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"On the amount expected, we projected $1 billion and we have already got $110 million and that is just from two companies. So, we feel we might exceed that target."

The Minister of Finance, Kemi Adeosun, said this while addressing reporters at the end of the weekly meeting of the Federal Executive Council presided over by Vice President Yemi Osinbajo on Wednesday.

Adeosun said she presented a memorandum on the Voluntary Asset Declaration Bill to the council.

She also disclosed that 1.5 billion naira would be spent on advertising campaign for the Voluntary Asset Declaration Scheme for nine months.

The minister stated that the sum would cover advertisements on radio, television, online and in newspapers.

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