The Federal Government of Nigeria has announced that banks will require a Tax Identification Number (TIN) from all taxable Nigerians starting January 1, 2026.
This move is part of the new tax administration system aimed at improving tax compliance and revenue generation.
According to Taiwo Oyedele, Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Section 4 of the Nigerian Tax Administration Act makes it mandatory for taxable individuals to have a tax ID.
“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.
“Any taxable entity without a tax ID may have difficulty running their bank account in the near future,” Oyedele made the clarification in an interview shared on his official X account on Thursday.
Those already holding TINs won’t need to register again, but taxable entities without a tax ID may face difficulties operating their bank accounts.
The policy has been in place since the 2020 Finance Act, but the NTAA provides the necessary statutory authority for implementation.
