Tax Identification Number Becomes Mandatory for Bank Accounts in Nigeria.
Tax Identification Number Becomes Mandatory for Bank Accounts in Nigeria.
The Nigerian federal government has announced that starting January 1, 2026, all taxable individuals must possess a Taxpayer Identification Number (TIN) to operate bank accounts in the country. The directive is part of recent tax reforms outlined in the Nigerian Tax Administration Act (NTAA), which aims to streamline tax compliance and enforcement.
Taiwo Oyedele, Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, revealed this development in a social media post on his X account. He explained that the new regulation mandates banks to request a TIN from customers identified as taxable persons—those earning income through trade, business, or other economic activities. The law, set to take effect early next year, makes it compulsory for such individuals and entities to have a TIN to maintain banking operations.
He clarified that certain groups, including students and dependents, are exempt from this requirement and do not need a TIN to hold bank accounts. Oyedele emphasized that this policy builds on provisions already established in the 2020 Finance Act, with the NTAA providing a clear legal framework for enforcement.
Existing income earners and businesses that already possess a TIN are not required to obtain a new one. However, he warned that individuals or entities without a TIN may encounter difficulties in operating their bank accounts once the law comes into effect. The measure aims to bolster tax compliance and reduce financial crimes by ensuring that all taxable persons are properly identified in the financial system.
This announcement has sparked concerns among Nigerians, with fears that accounts without a TIN could face restrictions or closure. It is noteworthy that President Bola Ahmed signed the new tax laws into law in June 2025, setting the stage for these upcoming reforms to reshape Nigeria’s tax and banking landscape.
