The Joint Tax Board (JTB) has assured Nigerians that they will not be denied access to their bank accounts after January 1, 2026, despite provisions in the newly enacted Tax Administration Act that appear to mandate Tax Identification Numbers (Tax IDs) for financial transactions.
In a statement issued in Abuja by its Head of Corporate Communications, Akpe Adoh, the JTB dismissed reports that citizens without Tax IDs would be barred from operating bank accounts once the new tax laws take effect.
“Nigerians are hereby assured that they will continue to have access to their bank accounts and also carry out financial transactions even beyond January 1, 2026,” the statement read.
President Bola Ahmed Tinubu recently signed four new tax laws, including the Tax Administration Act, which under Section 8 (2) makes a Tax ID mandatory for banking, insurance, stock market operations and other financial services beginning January 1, 2026. This provision triggered widespread concerns that individuals without Tax IDs could be locked out of the financial system.
The JTB, however, explained that under ongoing reforms, Tax IDs will be generated automatically for individuals using their National Identification Number (NIN) and for businesses through their Corporate Affairs Commission (CAC) registration number. It added that the initiative is part of a broader effort to simplify tax compliance, eliminate multiple taxation, grant exemptions to vulnerable groups and small businesses, and ensure that most Nigerians will pay lower taxes under the new regime.
Despite the reassurance, tax analysts note a contradiction between the JTB’s position and the explicit wording of the law. This mirrors earlier controversy over the Petroleum Products Tax, which drew criticism until Finance Minister Wale Edun clarified there was no immediate plan for its implementation.
The JTB urged the public to remain calm, emphasising that the reforms are designed to promote fairness, inclusivity and ease of doing business. Yet, as the January 2026 commencement date draws closer, clarity between the legal provisions and policy assurances will be critical in maintaining public confidence.