President Buhari’s new executive order on foreign assets, explained

On October 8, 2018, President Muhammadu Buhari signed what is now known as the Voluntary Offshore Assets Regularisation Scheme (VOARS) into law.

This is an Executive Order

As the name implies, an order is termed ‘executive’ when the executive arm of government issues one without consulting the other arms of government in the legislature and the judiciary.

All presidents across the world issue executive orders and are allowed the prerogative to issue one once in a while.

Now that we are done with explaining what an executive order really is, what is this VOARS and what does President Buhari aim to achieve with it?

What is an offshore asset?

An offshore asset is an asset that is situated abroad.

An offshore business is a company that is registered abroad by a citizen of another country as a way of dodging taxes in his own country.

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