Osinbajo gave the ultimatum in Abuja on Thursday at the inauguration of the Voluntary Assets and Income Declaration Scheme (VAIDs).
He said the scheme was specially targeted at taxpayers who had not declared their taxable incomes and assets, as well as those who don't pay at all, and those who had been underpaying or under remitting.
Osinbajo said the scheme would cover all federal and state taxes such as companies' income tax, personal income tax, petroleum profit tax, capital gains tax, stamp duties and tertiary education tax.
Osinbajo said that those who failed to take advantage of the nine months grace period would face criminal investigation and if found guilty may face up to five-years jail term.
Also, only 214 Nigerians pay taxes of about N20 million annually and about 900 Nigerians pay N10 million as tax every year.
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