The Federal Government has announced that, starting January 1, 2026, every taxable Nigerian must possess a Tax Identification Number (TIN) or Taxpayer Identification Number to operate a bank account in the country.
Newsonspot reports that this update was revealed by the Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, in an interview shared on his X account on Thursday. According to him, Section 4 of the Nigerian Tax Administration Act (NTAA), which takes effect in 2026, makes it compulsory for all taxable individuals to have a tax ID.
Oyedele clarified that the requirement does not apply to students and dependents, as they are exempt. He noted that the policy has existed since the Finance Act of 2020, but the NTAA now provides a solid legal backing for full implementation.
He further explained that individuals who already earn income – whether through business, trade, or any economic activity – must have a tax ID, while those who already possess a TIN do not need a new one.
“A taxable person is anyone earning income through trade, business, or any economic activity. Banks will be required to request a tax ID from such individuals,” he said. “Anyone without a tax ID may soon face challenges operating their bank account.”
This update comes amid rising concern among Nigerians who fear that accounts without a valid tax ID may soon face restrictions. Recall that in June 2025, President Bola Ahmed Tinubu signed a new tax laws set to begin in January 2026.
