The Federal Government has announced that, effective January 1, 2026, every taxable Nigerian will be required to possess a Tax Identification Number (TIN) or Taxpayer Identification Number in order to operate a bank account within the country.
Taiwo Oyedele, the Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, disclosed this information in an interview shared on his X account on Thursday.
He clarified that Section 4 of the Nigerian Tax Administration Act (NTAA), which is scheduled to commence on January 1, 2026, makes the possession of a tax ID mandatory for all individuals who are considered taxable.
Oyedele further specified that the requirement is not universal, as students and dependents will be exempt from needing a tax ID to maintain a bank account.
He noted that although the policy has been in existence since the 2020 Finance Act, the NTAA now provides the necessary legal framework for its enforcement.
He added that individuals and businesses already issued TINs due to income generation will not need to obtain a new tax ID.
He provided a quoted explanation of the requirement and its exemptions:“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.”
Oyedele then warned about the consequence of non-compliance:“As of January 2026, any taxable entity without a tax ID may have difficulty running their bank account in the near future,” he said in the interview.
This clarification was issued as many Nigerians have expressed worry that bank accounts without a tax ID might soon face restrictions.
The new tax laws, which include the NTAA, were signed into effect by President Bola Tinubu in June 2025 and are slated to take effect in January 2026.
Join Informant Online WhatsApp Channel With Link Below: https://whatsapp.com/channel/0029VaihFajBadmT29ufud2
