The federal government has confirmed that, from January 1, 2026, every Nigerian who earns taxable income will be required to have a Tax Identification Number (TIN) or Taxpayer Identification Number before they can operate a bank account.
This was disclosed by Taiwo Oyedele, chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, in an interview posted on his X account on Thursday.
Oyedele explained that Section 4 of the Nigerian Tax Administration Act (NTAA), which becomes operational on January 1, 2026, makes a tax ID compulsory for all taxable persons.
However, he stressed that the rule does not extend to those without income, noting that students and dependents are exempt from the requirement to keep an active bank account.
He also pointed out that the provision is not new, as it has existed since the Finance Act of 2020, but the NTAA now offers a structured legal basis for its full implementation.
Existing TIN holders, including income earners and registered businesses, will not need to obtain a fresh tax ID.
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Clarifying further, he stated: “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,” he said in the interview.
His comments follow growing public anxiety that accounts without a tax ID could face restrictions once the law takes effect.
President Bola Ahmed Tinubu enacted the new tax laws in June 2025, ahead of their implementation in January 2026.
