The Federal Government has announced that, effective 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.
Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, disclosed the new directive in an interview shared on his X handle on Thursday, citing provisions of Section 4 of the Nigerian Tax Administration Act (NTAA), which comes into force on January 1, 2026.
Oyedele explained that under the NTAA, any individual earning income through trade, business, or economic activity is classified as a taxable person and must provide a tax ID when operating a bank account. He said banks will be obligated to demand the tax ID from such customers.
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He clarified that students and dependents, who do not earn income, are exempted from the requirement and will continue to operate bank accounts without tax IDs.
The tax reform chief noted that the policy is not entirely new, stating that the 2020 Finance Act had already introduced the requirement, but the NTAA now gives it clearer legal backing for enforcement. He added that workers and businesses already issued TINs will not be required to obtain fresh tax IDs.
“As of January 2026, any taxable entity without a tax ID may have difficulty running their bank account in the near future,” he warned.
The clarification comes amid rising public concerns about possible restrictions on bank accounts without tax IDs.
President Bola Tinubu signed a series of new tax laws in June 2025, all scheduled to take effect in January 2026.
