The federal government has announced that all taxable Nigerians must possess a Tax Identification Number (TIN) to operate bank accounts in the country, ahead of new tax reforms set to take effect on January 1, 2026.
Taiwo Oyedele, chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, confirmed the policy in an interview posted on his X account on Thursday. He explained that Section 4 of the Nigerian Tax Administration Act (NTAA), which comes into effect in 2026, mandates that all taxable individuals and entities register for a TIN.
Oyedele clarified that students and dependents are exempt from the requirement, noting that only those earning income through trade, business, or other economic activities are considered taxable. “Banks must request a tax ID from taxable persons. 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,” he said.
He also stressed that income earners and businesses with existing TINs do not need to apply for a new one. The policy has been in place since the Finance Act of 2020, but the NTAA provides a clearer legal framework for its implementation.
The announcement comes amid concerns that Nigerians without a tax ID may face restrictions on their bank accounts. The development follows the signing of new tax laws by President Bola Ahmed Tinubu in June 2025, set to be enforced from January 2026.