The federal government has announced that, starting January 1, 2026, all taxable Nigerians will be required to have a Tax Identification Number (TIN) or Taxpayer Identification Number to operate bank accounts in the country, as part of new tax reforms.
The chairman of the Presidential Committee on Fiscal Policy and Tax Reforms in Nigeria, Taiwo Oyedele, disclosed this in an interview he posted on his X account on Thursday.
He explained that Section 4 of the Nigerian Tax Administration Act, to be implemented on January 1, 2026, makes it mandatory for taxable persons to have a tax ID.
He, however, said that students and dependents are exempt from having a tax ID for an operating bank account.
Oyedele stressed that the policy has been in place since the Finance Act of 2020, but the NTAA provides a legal framework for its implementation.
He added that income earners, including businesses with existing TINs, do not need a new tax ID.
“Yes, but with some exemptions. A section of the NTAA requires a taxable person to register and obtain a tax ID.
“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. This means that individuals who do not earn an income, such as students and dependents, do not need to obtain a tax ID.
“Any taxable entity without a tax ID may have difficulty running their bank account in the near future,” he said in the interview.
This comes amid fears from Nigerians that their bank accounts without a tax ID may be restricted.
Recall that in June 2025 President Bola Ahmed signed into law new tax laws to be implemented in January 2026.
