The Federal Government has confirmed that from January 1, 2026, all taxable Nigerians will be required to present a Tax Identification Number or Taxpayer Identification Number before operating a bank account in the country.
This policy update was disclosed by the Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, in an interview he shared on his X handle on Thursday.
Oyedele explained that Section 4 of the Nigerian Tax Administration Act, which becomes operational in 2026, makes it compulsory for all taxable persons to obtain a tax ID. He, however, clarified that the directive does not apply to students and dependents who do not earn an income.
He noted that while the requirement had been part of the 2020 Finance Act, the NTAA provides firmer legal backing for its enforcement. He added that individuals and businesses already issued TINs will not need to register for new ones.
“A taxable person is anyone who earns income through trade, business, or any economic activity. Banks are therefore mandated to request a tax ID from such persons. Students and dependents who do not earn income are exempt,” he stated.
Oyedele further warned that taxable Nigerians without a tax ID could face difficulties operating their bank accounts once the law takes effect.
His comments come amid growing public concern over the potential restriction of bank accounts lacking a tax identification number.
President Bola Tinubu signed the new tax laws in June 2025, paving the way for full implementation in January 2026.
