The federal government is preparing to enforce a new phase of its tax reforms, and this time the focus is on bank account holders.
From January 1, 2026, all taxable Nigerians will be required to have a valid Tax Identification Number or Taxpayer Identification Number before they can operate their bank accounts.
This update was revealed by the Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, who clarified the development while responding to public concerns.
According to him, the new requirement is tied directly to Section 4 of the Nigerian Tax Administration Act (NTAA), which will officially take effect at the start of 2026.
Oyedele noted that the idea is not entirely new. He explained that the Finance Act of 2020 already introduced the policy, but the NTAA now provides a binding legal structure that compels financial institutions to implement it fully.
In his words, “Yes, but with some exemptions. A section of the NTAA requires a taxable person to register and obtain a tax ID.”
He added that anyone who earns income through employment, business operations, trade, or any form of economic activity falls under the category of taxable persons.
As a result, banks will be required to request a tax ID from such individuals before they can run their accounts.
Oyedele clarified further that people who do not earn income, especially students and dependents, will not be required to obtain a tax ID for their bank accounts.
He emphasized this again in the interview when he said:
“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.”
The announcement has triggered anxiety among Nigerians, especially those who are unsure whether they fall under the taxable category or fear that their accounts could be blocked once the new rules come into force.
Oyedele also pointed out that people and businesses who already have TINs do not need to obtain any additional tax identification.
Meanwhile, financial analysts say the move is part of a broader effort by the government to expand the tax net, improve compliance, and reduce leakages in the system. Banks are expected to begin internal adjustments to align with the NTAA ahead of the deadline.
Recall that President Bola Ahmed Tinubu, in June 2025, signed a set of revised tax laws scheduled to take effect in January 2026.
These reforms were part of the administration’s plan to modernise Nigeria’s tax structure and increase revenue without raising tax rates.