TIN: Nigerians must have Tax ID to operate bank accounts from January 2026 – FG insists

The Federal Government has announced a new phase of its tax reforms that will affect bank account holders nationwide.

Starting January 1, 2026, all taxable Nigerians will be required to have a valid Tax Identification Number (TIN) to operate their bank accounts.

The announcement was made by Taiwo Oyedele, Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, who explained that the requirement is anchored on Section 4 of the Nigerian Tax Administration Act (NTAA).

While the Finance Act of 2020 introduced the policy, the NTAA now provides a legal framework compelling banks to fully enforce it.

Oyedele clarified that anyone earning income from employment, business, trade, or economic activities is considered a taxable person and must register for a TIN to maintain a bank account. However, students and dependents who do not earn income are exempt from this requirement.

He emphasized:

“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.”

“Individuals who do not earn an income, such as students and dependents, do not need to obtain a tax ID.”

The announcement has sparked concern among Nigerians, particularly those unsure of their taxable status, as banks will soon align their systems with the NTAA to ensure compliance.

Citizens and businesses who already possess a TIN will not need to obtain a new one.

Financial analysts say the move is part of a broader strategy to expand the tax net, improve compliance, and reduce revenue leakages, without increasing tax rates.

This is in line with the administration’s ongoing effort to modernize Nigeria’s tax system.

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