Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, says banks will be mandated to request a Tax Identification Number from all taxable Nigerians once the new tax administration framework comes into effect on January 1, 2026.
Oyedele made the clarification on Thursday in an interview shared on his X account, explaining that the requirement is backed by Section 4 of the Nigerian Tax Administration Act, which makes it compulsory for anyone who earns taxable income to possess a tax ID.
He emphasised that the directive does not apply to all account holders, noting that some categories of individuals are exempt.
“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,” he said.
“This means individuals who do not earn income—such as students and dependents—do not need a tax ID to keep their bank accounts active.”
Oyedele added that income earners and businesses who already have TINs will not need to obtain fresh tax identification numbers under the new law.
He explained that although the policy has existed since the 2020 Finance Act, the NTAA now provides the legal foundation for full enforcement from 2026.
“Any taxable entity without a tax ID may have difficulty running their bank account in the near future,” Oyedele warned.
The clarification comes amid growing concerns among Nigerians that bank accounts without tax IDs may soon face restrictions.
President Bola Tinubu signed the new tax laws in June 2025, and implementation begins in January 2026.
