The Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, has announced that all taxable Nigerians will be required to provide a Tax Identification Number (TIN) to operate or maintain a bank account, beginning 1 January 2026.
Oyedele made the clarification in an interview shared on his X account on Thursday, explaining that the measure forms part of the Federal Government’s new tax administration framework under the Nigerian Tax Administration Act (NTAA). The Act, which comes into force in January 2026, makes possession of a tax ID compulsory for every taxable individual in the country.
According to Oyedele, Section 4 of the NTAA explicitly mandates all taxable persons to register and obtain a tax ID. He stressed, however, that the requirement does not apply to individuals who do not earn an income. Students, dependants and similar categories will therefore be exempted from providing a tax ID for the purpose of opening or maintaining bank accounts.
He noted that although the requirement has existed since the 2020 Finance Act, enforcement had been inconsistent due to the absence of explicit legal backing — a gap now closed by the NTAA. Income earners and businesses who already have a TIN will not need to obtain a new tax ID, as their existing identification remains valid under the new framework.
“Yes, but with some exemptions,” Oyedele explained. “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. This means that individuals who do not earn an income, such as students and dependants, do not need to obtain a tax ID.”
He added that any taxable individual who fails to obtain a tax ID may soon face challenges with banking services. “Any taxable entity without a tax ID may have difficulty running their bank account in the near future,” he said.
The clarification comes amid rising public concern over the possibility of bank account restrictions for Nigerians who are yet to obtain a TIN.
New Daily Prime reports that President Bola Tinubu signed a series of new tax laws in June 2025, all scheduled to take effect from January 2026, as part of efforts to modernise Nigeria’s fiscal and revenue administration system.
