All Taxable Nigerians Must Have TIN To Operate Bank Accounts From January 2026, Says FG
The federal government has announced that all taxable Nigerians will be required to have a Tax Identification Number (TIN) to operate bank accounts, as part of new tax reforms set to take effect on January 1, 2026.
Taiwo Oyedele, chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, shared the update in a post on his X account on Thursday. He explained that Section 4 of the Nigerian Tax Administration Act (NTAA), which comes into force in 2026, mandates that all taxable persons must register for a tax ID.
However, Oyedele clarified that students and dependents are exempt from this requirement.
He also noted that while the policy has been in place since the Finance Act of 2020, the NTAA now provides a legal framework for its full implementation. Individuals and businesses that already have TINs will not need to obtain a new one.
“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. Banks must therefore request a tax ID from taxable persons. Individuals who do not earn income, such as students and dependents, do not need a tax ID. Any taxable entity without a tax ID may face challenges operating their bank account in the near future,” Oyedele stated.
