The Federal Government has confirmed that all taxable Nigerians will need a Tax Identification Number (TIN) to operate bank accounts starting January 1, 2026. Taiwo Oyedele, Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, disclosed this in an interview shared on his X account on Thursday.
Oyedele explained that the requirement is part of the Nigerian Tax Administration Act (NTAA), which now provides legal backing for a policy first introduced in the 2020 Finance Act. Section 4 of the NTAA mandates that all income earners and businesses obtain a TIN to maintain bank accounts.
He clarified that the rule does not apply to students or dependents, who remain exempt. Individuals and businesses already issued TINs will not need new ones.
“A taxable person is anyone who earns income through trade, business, or any economic activity. Banks must request a TIN from these individuals. Those without a TIN may face difficulties operating bank accounts in the near future,” Oyedele said.
The announcement follows growing public concern over possible restrictions on bank accounts without a TIN. President Bola Tinubu signed the new tax laws in June 2025, with enforcement set to begin in January 2026.
Joshua Chinonye ✔
Godwin Okafor is the Publisher & CEO of Naija247news Media Group LLC, an independent investigative news platform delivering accurate, data-driven reporting on Nigerian and global politics, economy, finance, and business. Founded in October 2010, Naija247news specializes in developmental journalism, providing timely insights and analysis to readers across Nigeria and the diaspora.
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