The Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, has announced that banks will be required to request a Tax Identification Number (TIN) from all taxable Nigerians, in line with the federal government’s new tax administration framework taking effect on January 1, 2026.
Oyedele made the clarification in an interview shared on his X account on Thursday, explaining that Section 4 of the Nigerian Tax Administration Act (NTAA) mandates every taxable individual to possess a tax ID.
He emphasised that the policy applies strictly to income earners, noting that students and dependents are exempt and will not require a tax ID to operate or maintain bank accounts.
According to him, although a similar provision was introduced under the 2020 Finance Act, the new NTAA provides the firm legal foundation needed for full enforcement. He added that individuals and businesses already issued TINs are not required to obtain new tax IDs.
“Yes, but with some exemptions,” Oyedele stated. “The NTAA requires a taxable person, anyone earning income from trade, business, or economic activity, to register and obtain a tax ID. Banks must therefore request a tax ID from taxable persons. However, individuals who do not earn an income, such as students and dependents, do not need one. Any taxable entity without a tax ID may soon have difficulty operating their bank account.”
The clarification follows rising public concern that bank accounts without tax IDs could face restrictions when the new tax laws, signed by President Bola Tinubu in June 2025, come into effect in January 2026.
