The Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, has stated 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, effective January 1, 2026.
Oyedele disclosed this in an interview shared on his X account on Thursday, explaining that Section 4 of the Nigerian Tax Administration Act, which takes effect next year, makes possession of a TIN mandatory for all taxable individuals.
He clarified that the requirement will not apply to students or dependents, who are exempted from providing a tax ID when maintaining a bank account.
According to Oyedele, the policy has been in place since the 2020 Finance Act, but the Nigerian Tax Administration Act (NTAA) now provides the formal legal backing for enforcement. He added that income earners and businesses already issued TINs will not be required to obtain new numbers.
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“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 clarification comes as many Nigerians express concern that bank accounts without a tax ID could soon face restrictions.
President Bola Tinubu signed new tax laws in June 2025, set to take effect in January 2026.
