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 in order to operate a bank account in the country.
The Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, disclosed this in an interview he shared on his X page on Thursday.
He explained that Section 4 of the Nigerian Tax Administration Act (NTAA), which comes into force on January 1, 2026, makes it mandatory for all taxable individuals to obtain a tax ID. According to him, the rule does not apply to students or dependents, who are exempt.
Oyedele pointed out that the requirement has actually existed since the 2020 Finance Act, but the NTAA now provides the legal backing needed for full enforcement. He added that anyone individual or business who already has a TIN does not need to apply for a new one.
He said:
“Yes, but with some exemptions. The NTAA requires every 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. Individuals who do not earn income, such as students and dependents, do not need a tax ID. From January 2026, any taxable person without one may struggle to operate their bank account.”
His statement comes amid growing public concern that bank accounts without a tax ID may face restrictions once the new regulations kick in.
It will be recalled that President Bola Tinubu signed the new tax laws in June 2025, with implementation scheduled for January 2026.
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