The Federal Government has announced that, starting January 1, 2026, all taxable Nigerians will be required to obtain a Tax Identification Number (TIN) to operate a bank account in the country.
Taiwo Oyedele, Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, disclosed this in an interview shared on his X account on Thursday. He explained that Section 4 of the Nigerian Tax Administration Act (NTAA), which takes effect from the beginning of next year, mandates the possession of a TIN for all taxable individuals.
Oyedele clarified that students and dependents will be exempted from this requirement and will not need a TIN to maintain a bank account.
He added that the policy has existed since the 2020 Finance Act but now has formal legal backing under the NTAA for enforcement. Individuals and businesses that have already been issued TINs will not need to obtain new ones.
“A taxable person is anyone who earns income through trade, business, or any economic activity. Banks must request a tax ID from taxable persons. Those who do not earn an income, such as students and dependents, are exempt,” Oyedele said.
He warned that, as of January 2026, taxable entities without a TIN may face difficulties operating their bank accounts.
The announcement comes amid growing concern among Nigerians over potential restrictions on accounts without tax identification.
President Bola Tinubu had signed the new tax laws in June 2025, with enforcement scheduled to begin in January 2026.