The Federal Government has announced that, beginning January 1, 2026, all taxable Nigerians will be required to obtain a Tax Identification Number (TIN) or Taxpayer Identification Number to operate a bank account in the country.
Taiwo Oyedele, Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, revealed this in an interview shared on his X account on Thursday. He said Section 4 of the Nigerian Tax Administration Act (NTAA), which comes into force on January 1, 2026, mandates every taxable individual to possess a tax ID.
He stressed that the requirement does not apply to students or dependents, who are exempt and may continue operating their bank accounts without a tax ID.
Oyedele explained that while the policy was first introduced in the 2020 Finance Act, the NTAA now provides clear legal backing for its enforcement. Income earners and businesses already issued TINs will not need to register again.
“Yes, but with some exemptions. A section of the NTAA requires a taxable person to register and obtain a tax ID,” he said.
“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.”
He warned that taxable individuals without a tax ID may face challenges operating their bank accounts once the law takes full effect.
The clarification comes amid widespread concern among Nigerians about possible restrictions on accounts not linked to a tax ID.