The Federal Government has announced that beginning January 1, 2026, all taxable Nigerians will be required to possess a Tax Identification Number (TIN)—also referred to as a Taxpayer Identification Number—to operate bank accounts in the country.
The chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, revealed this in an interview shared on his X (formerly Twitter) account on Thursday.
According to him, Section 4 of the Nigerian Tax Administration Act (NTAA), which takes effect on January 1, 2026, makes it compulsory for taxable persons to obtain a tax ID.
However, Oyedele clarified that students and dependents are exempt from the requirement and can operate bank accounts without a tax ID.
He explained that while the policy has existed since the Finance Act 2020, the NTAA now provides the necessary legal backing for full enforcement. He added that individuals and businesses who already have a TIN do not need to register for a new one.
Oyedele said:
“Yes, but with some exemptions. 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 dependents, do not need to obtain a tax ID.
“Any taxable entity without a tax ID may have difficulty running their bank account in the near future.”
The development comes amid growing concerns among Nigerians that bank accounts without tax IDs could soon face restrictions.
Recall that in June 2025, President Bola Ahmed Tinubu signed new tax laws that are scheduled for implementation in January 2026.