Nigeria’s Federal Government has announced a new banking requirement that will take effect from January 1, 2026, mandating all taxable citizens to possess a Tax Identification Number (TIN) to operate their bank accounts.
The announcement was made by Taiwo Oyedele, Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, during an interview shared on his social media platform on Thursday.
Legal Framework Under New Tax Administration Act
Oyedele explained that the requirement stems from Section 4 of the Nigerian Tax Administration Act (NTAA), which is set for implementation next year. While emphasizing that the provision isn’t entirely new, he noted that previous regulations under the Finance Act of 2020 lacked adequate enforcement mechanisms.
“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,” Oyedele stated, clarifying the scope of those affected by the new rule.
The NTAA now provides what he described as “a legal framework for its implementation,” giving teeth to what was previously an unenforceable requirement.
Who Is Exempt?
The tax reform chairman was careful to specify that the mandate does not apply to all Nigerians, particularly those without taxable income.
“This means that individuals who do not earn an income, such as students and dependents, do not need to obtain a tax ID,” Oyedele noted, addressing concerns that the policy might affect vulnerable populations.
He also clarified that businesses and income earners who already possess TINs would not need to apply for new identification numbers.
Consequences for Non-Compliance
Warning about potential banking restrictions, Oyedele indicated that non-compliant taxable entities could face significant difficulties once the law becomes operational.
“Any taxable entity without a tax ID may have difficulty running their bank account in the near future,” he said, suggesting that banks may impose restrictions on accounts belonging to income earners without proper tax identification.
Background and Public Concerns
The announcement follows the signing of new tax laws by President Bola Ahmed Tinubu in June 2025, with the legislation scheduled for implementation from January 2026.
The policy has sparked widespread public concern, with many Nigerians worried about potential bank account restrictions. The government’s move is seen as part of broader efforts to expand the nation’s tax base and improve revenue collection amid economic challenges.
As the January 2026 deadline approaches, affected individuals and businesses are advised to obtain their TINs to avoid disruptions to their banking operations.
