Tax ID Becomes Mandatory for All Taxable Nigerians to Operate Bank Accounts From 2026
Federal authorities have confirmed that all taxable Nigerians will be required to possess a Tax Identification Number (TIN) or Taxpayer Identification Number before operating bank accounts, as the country prepares to activate its new tax administration framework on January 1, 2026.
This clarification emerged after the Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, addressed growing public concerns during an interview he released on his X handle. PulseNets learnt that his statement was intended to dispel widespread apprehension that bank accounts without tax IDs may soon be blocked.
According to Oyedele, the requirement is anchored in Section 4 of the Nigerian Tax Administration Act (NTAA), which officially takes effect in 2026. He noted that the rule is not entirely new, as a similar provision has existed since the 2020 Finance Act, but the NTAA offers a more robust legal foundation for enforcement.
He clarified that the mandate applies strictly to taxable persons, defined as individuals or entities earning income through trade, business, or any economic activity. Students and other dependents remain exempt.
In his words, “The law requires taxable persons to register and obtain a tax ID. Anyone who earns income through business or employment falls into this category. Banks will therefore request a tax ID from taxable persons, but individuals with no income, including students and dependents, are not required to obtain one.”
He further reiterated that existing TIN holders—particularly businesses and registered earners—will not need to secure a fresh identifier under the new framework. However, he cautioned that compliance will soon become a prerequisite for seamless banking.
According to him, “Any taxable entity without a tax ID may have difficulty operating their bank account once full implementation begins.”
Also Read: How To Get Your TIN Number (Tax Identification Number) By Yourself
This policy update comes at a time when many Nigerians have expressed fear that their accounts may face restrictions without a registered tax ID. PulseNets obtained by officials within the reform committee indicates that the government aims to streamline tax compliance and broaden the country’s tax base without targeting non-income earners.
It will be recalled that President Bola Ahmed Tinubu signed a suite of new tax laws in June 2025, paving the way for the January 2026 nationwide rollout of the NTAA and accompanying fiscal reforms.
