The federal government has confirmed that starting January 1, 2026, all Nigerians who earn taxable income will be required to have a Tax Identification Number (TIN) to operate bank accounts.
Taiwo Oyedele, chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, revealed the details in a post on his X account on Thursday. He said Section 4 of the Nigerian Tax Administration Act (NTAA), which comes into effect next year, makes it mandatory for all taxable individuals and businesses to register for a TIN.
Oyedele clarified that students and dependents are not required to obtain a tax ID to maintain bank accounts.
He noted that while the requirement was first introduced under the Finance Act of 2020, the NTAA provides the legal framework for strict enforcement. He also emphasized that individuals and companies with existing TINs will not need to apply for new ones.
“A taxable person is anyone who earns income through trade, business, or other economic activity. Banks are required to request a tax ID from such individuals. Those who do not earn income, including students and dependents, are exempt. Any taxable entity without a TIN may face difficulties operating their bank accounts in the near future,” Oyedele explained.
