Friday 12 December 2025
The Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, has announced that banks will soon 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.
Speaking in an interview shared on his X account, Oyedele explained that Section 4 of the Nigerian Tax Administration Act (NTAA) makes it compulsory for anyone who earns income to register and obtain a tax ID. He emphasized that the regulation applies strictly to taxable individuals engaged in trade, business, or any form of economic activity.
However, he clarified that students and dependents—who do not earn income—are exempt and may continue to operate bank accounts without a tax ID.
Oyedele noted that although the requirement first appeared in the 2020 Finance Act, the NTAA now provides the legal foundation needed for full enforcement. He added that those who already possess TINs will not need to apply for new tax IDs.
“Banks are mandated to request a tax ID from taxable persons,” he said, warning that individuals or businesses who fall under the taxable category but fail to obtain a tax ID may soon face challenges operating their bank accounts.
The clarification follows rising concerns among Nigerians over the possibility of banking restrictions for accounts without tax IDs. SUNTV Global Channel also reports that President Bola Tinubu signed the new tax laws earlier in 2026, paving the way for the updated compliance framework.
