FG says Nigerians without tax ID will face difficulty while banking next year

The federal government (FG) has announced that all taxable Nigerians operating bank accounts without a Taxpayer Identification Number (TIN) will face difficulties when new tax reforms commence on January 1, 2026.

This was disclosed on Thursday by Taiwo Oyedele, Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms in Nigeria, in an interview he posted on his X account.

President Bola Ahmed Tinubu signed new tax laws into effect in June 2025, scheduled for implementation from January 2026.

Speaking on the commencement of the new tax regime, Oyedele stated that Section 4 of the recently signed Nigerian Tax Administration Act (NTAA) makes it mandatory for taxable persons to have a tax ID.

He defined a taxable person as “anyone who earns income through trade, business, or any economic activity.”

He clarified, however, that students and dependents are exempt from needing a tax ID to operate bank accounts.

The FG stressed that while this policy has been in place since the Finance Act of 2020, the NTAA provides a strengthened legal framework for its implementation.

It added that income earners, including businesses with existing TINs, do not need to obtain a new tax ID.

“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,” Oyedele elaborated in the interview.

This announcement comes amid fears from Nigerians that their bank accounts without a tax ID may be restricted.