The federal government has stated that every Nigerian that is taxable must have a Tax Identification or Taxpayer Identification Number to operate bank accounts in the nation as new tax reforms commence on January 1, 2026.
Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms in Nigeria, Taiwo Oyedele, made this disclosure in an interview posted on his X account.
He stated that Section 4 of the Nigerian Tax Administration Act, to be implemented on January 1, 2026, makes it compulsory for taxable persons to have a tax ID.
He said that students and dependents are exempt from having a tax ID for operating bank account.
Oyedele said that the policy has been in place since the Finance Act of 2020, but the NTAA provides a legal framework for its implementation.
He said that income earners, including businesses with existing TINs, do not need 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.
