Nigeria’s tax system has entered a new era as former Speaker of the House of Representatives, Yakubu Dogara, confirmed that opening or maintaining a bank account now requires a Tax Identification Number (TIN) under President Bola Tinubu’s sweeping tax reforms.
Dogara, who currently chairs the Board of the National Credit Guarantee Company, made the disclosure on Tuesday while speaking at the inaugural Distinguished Parliamentarian Lecture in Abuja. The event, themed “Navigating Tax Reforms in Nigeria: Insights on President Bola Tinubu’s Policies,” provided clarity on the four new tax laws signed by the President in June 2025.
He explained that the Nigeria Tax Administration Act (NTAA) makes it mandatory for every taxable individual or company to obtain a TIN before accessing banking services. The Act is one of four new laws, alongside the Nigeria Tax Act, the Nigeria Revenue Service Act, and the Joint Revenue Board Act, designed to modernise and simplify the country’s tax system by merging 16 old statutes into a streamlined framework.
According to Dogara, the reforms are not merely technical adjustments but bold policy shifts intended to protect the poor, widen the tax net, curb evasion, and promote fairness. “Banks and other financial institutions must now request a Tax ID from all taxable persons. This brings Nigeria closer to global standards where financial institutions play a role in enforcing tax compliance,” he said.
The former Speaker acknowledged that the new requirement may be seen as burdensome in the short term but argued that its long-term benefits, including greater transparency, stronger revenue generation, and a more competitive economy, will far outweigh the inconvenience.
The reforms also introduce new provisions on digital services, foreign exchange gains, and capital taxation, while establishing a centralised revenue service to replace the Federal Inland Revenue Service.
Tax experts, including Taiwo Oyedele, chair of the Presidential Committee on Fiscal Policy and Tax Reforms, have described the move as one of the most ambitious overhauls in Nigeria’s fiscal history, placing the country on a path to fairer and more sustainable taxation.
