A former Speaker of the House of Representatives, Yakubu Dogara, has said that under President Bola Tinubu’s tax reforms, it is now a “legal requirement” for every “taxable person,” including companies, to obtain a Tax Identification Number (TIN) before opening or continuing to operate a bank account in Nigeria.
Mr. Dogara, who also chairs the National Credit Guarantee Company (NCGC), made the statement on Tuesday during a lecture on “Navigating Tax Reforms in Nigeria: Insights on President Bola Tinubu’s Policies.”
He explained that the provision is part of the Nigeria Tax Administration Act (NTAA), which is one of four new tax reform laws signed into law by Mr. Tinubu on 26 June 2025.
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The other three are the Nigeria Tax Act (NTA), the Nigeria Revenue Service Act (NRSA), and the Joint Revenue Board Act (JRBA). He referred to them collectively as “the Acts.”
Mr. Dogara quoted Section 4 of the NTAA, stressing that the law “makes compliance unavoidable.”
He stated, “No doubt, the NTAA, 2025 mandates the use of Tax Identification Numbers (Tax ID) for certain transactions. Section 4 of the NTAA requires all taxable persons to register with the tax authority and obtain a Tax ID.
A ‘taxable person’ is someone who carries on trade, business, or other economic activity to earn income.
“Banks and other financial institutions are required to request a Tax ID from taxable persons. But individuals who do not earn income and do not fall within the definition of taxable persons are not required to obtain a Tax ID. That being the case, it is now a requirement of law that every taxable person including artificial persons must obtain a Tax ID before opening or continuing to operate a bank account in Nigeria.”
The former Speaker said the new framework consolidates 16 existing tax statutes into four principal laws, creating a “simplified and modernised structure.”
He argued that the reforms would “significantly expand the country’s tax base, curb evasion, and enhance transparency in financial transactions.”
He acknowledged that some may view the requirement as “burdensome” but insisted that the “long-term benefits far outweigh the inconvenience.”
He described the 2025 tax reform as “one of the boldest economic policy shifts of the Tinubu administration” and urged Nigerians to embrace the new system, stating it has the potential to “build a stronger, more competitive economy.”
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