Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Taiwo Oyedele, has clarified misconceptions surrounding the use of Tax Identification Numbers (TIN) for bank accounts ahead of the January 2026 implementation of new tax regulations.
In a post titled “FACT NOT FEAR” shared on his X (formerly Twitter) account on Friday, Oyedele dismissed widespread claims that bank accounts would be frozen or automatically debited if they are not linked to a TIN.
He explained that a TIN is required only for income-earning or business-related bank accounts, stressing that the policy is intended strictly for identification and data harmonisation purposes, not as a punitive measure.
According to Oyedele, the requirement is not new, noting that it has been in effect since January 2020.
“A Tax ID is required only for income-earning or business accounts. The purpose is identification and data harmonisation, not automatic debit or freezing of accounts,” he stated.
He urged Nigerians not to panic, emphasising that personal bank accounts are not affected by the policy and that the requirement primarily applies to business accounts to support efficient tax administration.
Addressing the misinformation directly, Oyedele wrote:
“The Fear: Your bank account will be frozen without a Tax ID, and you will be automatically debited from January 2026.
The Fact: Tax ID (TIN) is only required for income or business accounts. This is for identification and data harmonisation, not automatic debit or freezing personal accounts.
This provision is not new; it has existed since January 2020.
Bottom Line: Don’t panic. The Tax ID requirement is for ease of administration, not punishment, and applies mainly to business accounts.”
He concluded by encouraging Nigerians to rely on verified legal information rather than speculation.
“Evidence beats emotion. If they make a claim, ask them: ‘Where is it in the law?’” Oyedele said.
