The Federal Government has clarified that all taxable Nigerians will be required to present a Tax Identification Number (TIN) or Taxpayer Identification Number before operating a bank account, as part of new fiscal reforms taking effect on 1 January 2026.
Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, disclosed this in a post on his X account on Thursday, noting that the requirement derives from Section 4 of the Nigerian Tax Administration Act (NTAA), which comes into force next year.
Oyedele explained that the provision—first introduced in the Finance Act 2020—now has a firmer legal backing under the NTAA, making it compulsory for all taxable persons to obtain a tax ID. He added that the rule applies only to individuals and entities that earn income through trade, business, or other economic activities.
According to him, students, dependents and others without taxable income are exempt and will not be required to obtain a tax ID to maintain or operate a bank account.
“A taxable person is anyone who earns income through trade, business, or any economic activity. So banks must request a tax ID from taxable persons,” he said, adding that existing TIN holders will not need to apply for a new number.
Oyedele warned that taxable individuals or entities who fail to secure a tax ID “may have difficulty running their bank account in the near future.”
His comments come amid rising public anxiety that bank accounts without linked tax IDs could soon face restrictions.
President Bola Ahmed Tinubu in June 2025 signed into law a suite of new tax reforms scheduled for rollout in January 2026.
