The Federal Government has announced that, effective January 1, 2026, all taxable Nigerians will be required to possess a Tax Identification Number (TIN) or Taxpayer Identification Number to operate bank accounts in the country, as part of new tax reforms.
Taiwo Oyedele, Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, disclosed this on his X account. He explained that Section 4 of the Nigerian Tax Administration Act (NTAA) provides the legal framework for the mandatory requirement for taxable persons to register for a tax ID.
Oyedele clarified the scope and exemptions of the policy:
Requirement: Banks must request a tax ID from taxable persons.
Definition of Taxable Person: “A taxable person is anyone who earns income through trade, business, or any economic activity.”
Exemptions: “Individuals who do not earn an income, such as students and dependents, do not need to obtain a tax ID.”
He stressed that the policy has been in place since the Finance Act of 2020 and that income earners and businesses with existing TINs do not need a new one.
Oyedele warned that any taxable entity without a tax ID “may have difficulty running their bank account in the near future,” amidst fears from Nigerians that their bank accounts could be restricted.
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