Nigerian banks will be required to request Tax Identification Numbers from all taxable individuals and businesses before granting full access to account operations starting January 1, 2026.
Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, disclosed the new directive in a video published on X on Thursday.
He explained that the mandate is contained in Section 4 of the newly enacted Nigerian Tax Administration Act, which targets taxable persons involved in trade, business, or any income-generating economic activity.
Oyedele said the measure is designed to improve tax compliance, curb evasion, and strengthen the government’s revenue administration framework.
ALSO READ
He added that the requirement builds on provisions of the 2020 Finance Act but now derives stronger enforcement authority from the NTAA signed into law by President Bola Tinubu in June 2025.
According to him, the rule will not apply to students or dependents, who will be exempt from submitting a taxpayer identification number to maintain a bank account.
He stressed that individuals and businesses already issued TINs do not need to obtain new tax identification numbers under the updated law.
Oyedele noted that any taxable person who fails to obtain a tax ID may face restrictions or difficulties in operating their bank accounts once the enforcement timeline begins.
