ABUJA, Nigeria (VOICE OF NAIJA)-The Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, has stated that banks will be required to ask for a Tax Identification Number (TIN) from all taxable Nigerians under the federal government’s new tax administration framework scheduled to begin on January 1, 2026.
Oyedele made this known during an interview shared on his X account on Thursday.
He explained that Section 4 of the Nigerian Tax Administration Act, which becomes effective January 1, 2026, mandates that every taxable individual must possess a tax ID.
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He further clarified that the rule does not apply to students or dependents, who will not be required to have a tax ID to operate a bank account.
Oyedele also pointed out that the policy has been in place since the 2020 Finance Act, but the NTAA now provides the legal basis for its enforcement.
He added that income earners and businesses already assigned TINs will not need to obtain new tax IDs.
He said, “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.
This explanation comes as many Nigerians worry that bank accounts without a tax ID could soon face limitations.
President Bola Tinubu signed new tax laws in June 2025, which are set to take effect in January 2026.