FG Mandates Tax ID for Bank Accounts from January 2026

The Federal Government has announced that from January 1, 2026, all taxable Nigerians must obtain a Tax Identification Number (TIN) or Taxpayer Identification Number to operate a bank account in the country.

Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, revealed this in an interview shared on his X account on Thursday.
He explained that Section 4 of the Nigerian Tax Administration Act (NTAA), which becomes effective on January 1, 2026, makes a tax ID compulsory for all taxable individuals.

Oyedele clarified that the policy does not apply to students or dependents, who are exempt from the requirement.

He noted that the rule has existed since the 2020 Finance Act, but the NTAA now gives it full legal backing for enforcement. He added that individuals and businesses already issued TINs will not need to obtain a new tax ID.

He said: “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.

“As of January 2026, any taxable entity without a tax ID may have difficulty running their bank account in the near future.”

His clarification follows rising public concern that bank accounts without a tax ID could soon face restrictions or disruptions.

PUNCH Online reports that President Bola Tinubu signed new tax laws in June 2025, slated to take effect in January 2026.