By Charles Ebi
Taiwo Oyedele, Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, has said 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, taking effect January 1, 2026.
Speaking in an interview shared on his X account, Oyedele explained that Section 4 of the Nigerian Tax Administration Act ,NTAA, makes TIN possession mandatory for all individuals and businesses engaged in income-generating activities.
Oyedele said the move is backed by Section 4 of the Nigerian Tax Administration Act ,NTAA, which takes effect next month, He said clarified that the requirement applies only to taxable individuals and entities.
He clarified that students and dependents are exempt from the requirement. “A taxable person is anyone who earns income through trade, business, or any economic activity. 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 TIN”, he said.
According to him, the policy has existed since the 2020 Finance Act, but the NTAA now provides formal legal backing for enforcement. Income earners and businesses who already have TINs will not need to obtain new ones
Oyedele added that individuals and businesses already issued TINs do not need to obtain new ones. He also warned that taxable entities without a TIN may soon face difficulties operating their bank accounts.
The statement comes as many Nigerians express concerns that bank accounts without a tax ID could face restrictions. The law follows President Bola Tinubu’s signing of new tax legislation in June 2025, set to take effect in January 2026.
He warned that “any taxable entity without a tax ID may have difficulty running their bank account in the near future,” a statement that comes amid growing concerns among Nigerians that accounts without TINs could face restrictions.
The development follows President Bola Tinubu’s signing of new tax laws in June 2025, set to take effect in January 2026.
Tinubu signed four finance bills into law in a set of major reforms aimed at restructuring the tax system in Africa’s most populous nation.
The government says the new laws will simplify revenue collection, reduce the tax burden on some individuals and businesses, while also helping to raise much-needed government income revenue by making collection more efficient.
“The tax reforms will protect low-income households and support workers by expanding their disposable income”, said President Tinubu in a statement to mark the second anniversary of his administration.
