The Federal Government has announced that, effective January 1, 2026, all taxable Nigerians must possess a Tax Identification Number (TIN) or Taxpayer Identification Number to operate a bank account in the country.
Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, disclosed the development in an interview shared on his X account on Thursday.
According to him, Section 4 of the Nigerian Tax Administration Act (NTAA) which becomes operational on January 1, 2026 makes the possession of a tax ID mandatory for all taxable individuals. He explained that the requirement applies strictly to persons who earn income through trade, business, or economic activity.
Oyedele added that students and dependents will be exempted, as they are not classified as taxable persons under the new law.
He further noted that although the policy has existed since the 2020 Finance Act, the NTAA provides the formal legal foundation for enforcement beginning next year. Income earners and businesses already issued TINs will not be required to obtain new tax IDs.
“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,” he said.
He warned that “as of January 2026, any taxable entity without a tax ID may have difficulty running their bank account in the near future.”
This clarification follows growing public concern that bank accounts without tax IDs could soon face restrictions. President Bola Tinubu signed the new tax laws in June 2025, and they are set to take effect in January 2026.
