The federal government has announced that every taxable Nigerian will be required to have a Tax Identification or Taxpayer Identification Number in order to operate a bank account, as new tax reforms take effect on January 1, 2026.
This update was revealed by Taiwo Oyedele, chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, in an interview shared on his X account on Thursday.
According to him, Section 4 of the Nigerian Tax Administration Act, which becomes effective on January 1, 2026, makes it compulsory for taxable individuals to obtain a tax ID.
He clarified that the requirement does not apply to students and dependents, who are exempted from having a tax ID to keep an active bank account.
Oyedele explained that the policy has technically existed since the Finance Act of 2020, but the NTAA now provides the formal legal backing needed for full enforcement.
He also noted that individuals and businesses already using existing TINs do not need to register for a new tax ID.
“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,” he said in the interview.
The clarification comes amid growing concerns from Nigerians worried that their accounts without tax IDs might soon be restricted.
Recall that in June 2025, President Bola Ahmed signed into law a new set of tax regulations scheduled for implementation in January 2026.
