The Federal Government has warned that taxable Nigerians who do not obtain a Tax Identification Number (TIN) or Tax ID may soon face difficulties accessing their bank accounts.
Taiwo Oyedele, Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, disclosed this in an interview shared via his X account on Thursday.
According to him, beginning January 1, 2026, every taxable individual will be required to have a tax ID to operate a bank account in line with Section 4 of the Nigerian Tax Administration Act (NTAA). Although the requirement has existed since the Finance Act of 2020, the NTAA provides a clearer legal backing for full enforcement.
Oyedele clarified that the policy applies only to taxable persons—those who earn income from trade, business, or any form of economic activity. Students, dependents, and others without income are exempt.
He added that businesses and individuals who already have a TIN do not need to obtain a separate tax ID.
“Any taxable entity without a tax ID may have difficulty running their bank account in the near future,” he said.
The development has raised concerns among Nigerians over possible restrictions on accounts without a tax ID.
President Bola Ahmed Tinubu had earlier signed new tax reform bills into law in June 2025, with implementation scheduled for January 2026.
