Provide TIN Or Face Challenges In Operating Your Bank Accounts -FG Tells Nigerians

The Federal Government of Nigeria has mandated all Nigerians to get a Tax Identification Number (TIN) before they can access their money or open a bank account for operations from 2026.

BrandNewsDay Nigeria reports that the federal government has announced that all taxable Nigerians will be required to obtain a Tax Identification Number (TIN) to operate bank accounts in the country, effective January 1, 2026, under new tax reforms.

Taiwo Oyedele, Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, confirmed the directive in an interview shared on his X account on Thursday. He explained that Section 4 of the Nigerian Tax Administration Act (NTAA), which comes into effect next year, mandates that all taxable individuals and businesses must possess a valid tax ID.

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Oyedele clarified that students and dependents are exempt from this requirement. He emphasised that the policy builds on the Finance Act of 2020, which introduced TINs, but the NTAA provides a more formal legal framework for enforcement.

“Any individual or entity that earns income through trade, business, or any economic activity is considered taxable and must register for a tax ID. Banks will be required to request TINs from all taxable persons. Those without a TIN may face challenges in operating their accounts,” Oyedele said.

He also noted that income earners and businesses that already have a TIN do not need to obtain a new one.

The announcement comes as Nigerians express concerns that bank accounts lacking a tax ID may be restricted once the new tax laws are implemented. The reforms follow the signing of several new tax bills into law by President Bola Ahmed Tinubu in June 2025, set to take effect at the start of 2026.