The Federal Government has announced that, beginning January 1, 2026, Nigerians who earn taxable income will be required to possess a Tax Identification Number (TIN) before they can operate bank accounts, the Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms has said.
In an interview shared on his official X account on Thursday, Taiwo Oyedele said the requirement is contained in Section 4 of the Nigerian Tax Administration Act (NTAA), which comes into force at the start of next year.
“A taxable person is anyone who earns income through trade, business, or any economic activity. Banks must request a tax ID from taxable persons,” Oyedele said, stressing that students, dependents, and others who do not earn an income are exempt from the rule.
According to Oyedele, the policy is not entirely new but now has stronger enforcement backing under the NTAA. Many individuals and businesses already hold TINs issued under previous laws and will not need to apply for fresh numbers.
He warned that “any taxable entity without a tax ID may have difficulty running their bank account in the near future,” as the government prepares to implement the tax reforms nationwide.
The development follows President Bola Tinubu’s signing of new tax laws in June 2025, designed to overhaul Nigeria’s tax system and improve revenue collection. The reforms aim to simplify tax administration, reduce duplication, and strengthen compliance across the economy.
