President MUHAMMADU BUHARI has signed a new executive order which among other things compels Nigerians with offshore assets and incomes to pay taxes on them.

The Executive Order (008), tagged Voluntary Offshore Assets Regularisation Scheme (VOARS), was signed by the President on Monday and takes effect from the same day according to the Presidency.

A statement by the Senior Special Assistant to the President on Media and Publicity, GARBA SHEHU said with the order, the Buhari administration is tightening regulations on money laundering and tax evasion.

He disclosed the President is however, optimistic that the new scheme will help to facilitate the expedient regularisation of offshore assets connected to Nigeria and lead to “a new expanded tax base to fund the Nigeria Infrastructure Fund in Switzerland”.