The Federal Government will require all taxable Nigerians to obtain a Tax Identification Number (TIN) to operate bank accounts starting January 1, 2026. Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, confirmed the policy in an interview shared on his X account. He said the move is backed by Section 4 of the Nigerian Tax Administration Act, noting it applies only to individuals and entities that earn income.
Oyedele explained that students and dependents who do not earn an income are exempt. He added that the policy has existed since the 2020 Finance Act but now has stronger legal backing under the NTAA. Oyedele warned that “any taxable entity without a tax ID may have difficulty running their bank account in the near future.” The enforcement aligns with tax reforms signed by President Bola Tinubu, aimed at simplifying revenue collection and easing the burden on low-income households.