The scheme is an attempt by the government to increase the country's tax base with at least an additional four million taxpayers expected to boost the numbers.
Osinbajo signed the executive order at the State House Conference Centre, Abuja, declaring every Thursdays tax days.
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The scheme grants tax payers a grace period of nine months to regularise their tax status or face prosecution from the government. The grace period will run from July 1, 2017 till March 31, 2018.
At the signing, the Acting President explained the motivations behind the executive order, saying it is "specially targeted at taxpayers who have not been fully declaring their taxable income and assets, those who don’t pay at all and those who have been underpaying or under remitting"