The Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, has announced that banks will begin requesting a Tax Identification Number (TIN) from all taxable Nigerians as part of the federal government’s updated tax administration system set to take effect on January 1, 2026.
Oyedele explained in an interview shared on his X account that Section 4 of the Nigerian Tax Administration Act (NTAA) makes it compulsory for anyone who earns income through business, trade, or any economic activity to register and obtain a tax ID.
He stressed that the rule does
not apply to students or dependents, who will be allowed to operate their bank accounts without a TIN.According to him, although the requirement has existed since the 2020 Finance Act, the NTAA now gives it full legal backing for enforcement. Individuals and businesses already assigned a TIN will not need to apply for a new one.
Oyedele added that taxable persons who fail to obtain a tax ID may soon face challenges in operating their bank accounts.
The clarification follows growing public concern that bank accounts without a tax ID could soon be restricted. The new tax laws signed by President Bola Tinubu in June 2025 are scheduled to commence in January 2026.
