The Federal Government has announced that all taxable Nigerians will be required to obtain a Tax Identification Number (TIN) to operate bank accounts starting January 1, 2026, as part of the country’s new tax reforms.
Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, confirmed the directive in an interview shared on his X account on Thursday. He explained that Section 4 of the Nigerian Tax Administration Act (NTAA) which becomes effective in 2026, mandates all taxable individuals and businesses to possess a valid tax ID.
ALSO: CBN Directs Banks, Fintechs to Implement Mandatory Dual Connectivity for PoS Transactions
Oyedele clarified that students and dependents are exempt, noting that the NTAA strengthens and formalizes the TIN requirement introduced under the Finance Act of 2020.
According to him, anyone who earns income from business, trade, or any economic activity qualifies as a taxable person and must obtain a tax ID. He added that banks will be required to request TINs from all taxable customers, and those without one may face restrictions when operating their accounts.
He further noted that individuals and businesses already in possession of a TIN do not need to re-register.
The announcement has sparked concerns among Nigerians who fear their bank accounts may be blocked or limited once the new regulation takes full effect. The TIN mandate is part of a broader set of tax reforms approved by President Bola Ahmed Tinubu in June 2025, scheduled to roll out from January 2026.
Comments 2