Comfort Asemota
The Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, has announced that banks will be required to request a Tax Identification Number (TIN) from all taxable Nigerians under the federal government’s new tax administration framework, which comes into force on January 1, 2026.
Oyedele made the clarification in an interview shared on his X account on Thursday.
He explained that Section 4 of the Nigerian Tax Administration Act (NTAA)—also effective from January 1, 2026—makes it compulsory for all taxable individuals to obtain a tax ID.
According to him, the rule does not apply to students or dependents, who will not be required to present a tax ID to operate a bank account.
Oyedele added that although the requirement first appeared in the 2020 Finance Act, the NTAA now provides firm legal backing for full enforcement. Individuals and businesses that already have a TIN will not need to apply for a new one.
He stated:
“A taxable person is anyone who earns income through trade, business, or any economic activity. Therefore, banks must request a tax ID from taxable persons. Those who do not earn an income—such as students and dependents—do not need a tax ID. Any taxable entity without one may face challenges operating their bank account in the near future.”
The clarification follows growing public concern that bank accounts without a tax ID may soon face restrictions once the new framework is implemented.
