The Federal Government has declared that starting January 1, 2026, all taxable Nigerians must have a Tax Identification Number (TIN) to open or operate a bank account in the country.

Taiwo Oyedele, Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, made the announcement in an interview shared on his X account on Thursday.

He explained that the requirement is anchored in Section 4 of the Nigerian Tax Administration Act (NTAA), which will come into force next year.

“The possession of a tax ID is mandatory for all taxable persons under the NTAA,” Oyedele said, noting that the rule is not entirely new. “It existed under the Finance Act of 2020, but the NTAA now gives it a clear legal framework.”

Who Needs A Tax ID?

Oyedele clarified that the regulation applies to anyone earning income from trade, business, or economic activity.

Individuals who do not earn an income—such as students, dependents, or non-working citizens—will not be required to obtain a TIN.

Existing TIN holders do not need to reapply. “If you already have a tax ID, there’s no need for a new one,” Oyedele said.

Implications For Banking

The government has warned that taxpayers without a TIN may face banking restrictions once the law takes effect.

“Any taxable entity operating without a tax ID may encounter difficulties with their bank account in the near future,” Oyedele explained.

The announcement follows the new tax laws signed by President Bola Ahmed Tinubu in June 2025, which are set to be implemented from January 2026.

The move is aimed at improving tax compliance and streamlining financial oversight across Nigeria.

Bottom Line

From January 2026, a TIN will no longer be optional for income earners.

Also Read: NNPCL Projects Over 2 Million Barrels Daily by 2026, Credits Host Communities for Steady Output

Banks are expected to verify that all account holders who earn income have valid tax IDs, while non-income earners remain exempt.