- Effective Jan 1, 2026
The Federal government’s new tax administration rules will require banks to demand a Tax Identification Number (TIN) from anyone classified as a taxable individual once the Nigerian Tax Administration Act comes into force on January 1, 2026, according to Taiwo Oyedele, Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms.
Oyedele explained in an interview shared via his X handle that Section 4 of the Act makes it compulsory for any income-earning person to register for a tax ID. He stressed that the rule will not affect students or dependants, who may continue operating bank accounts without a TIN.
He noted that although the obligation has existed since the 2020 Finance Act, the new legislation provides the firm legal basis for enforcement. Those already issued TINs, whether individuals or businesses, will not be required to obtain new ones.
Clarifying the scope of the law, Oyedele said: “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.”
He warned that “any taxable entity without a tax ID may have difficulty running their bank account in the near future.”
The explanation comes amid growing public concern that bank accounts without a tax ID could soon be subject to limitations. President Bola Tinubu signed the new tax legislation in June 2025, ahead of its implementation in the New Year.
- Media Report