Starting January 1, 2026, holding a Tax Identification Number (TIN) is non-negotiable. In fact, the Federal Government has confirmed that possessing a Tax ID is mandatory for bank customers.
Consequently, anyone wishing to operate a bank account must comply with these new fiscal guidelines. Furthermore, this enforcement marks a significant shift in Nigeria’s approach to tax compliance and financial transparency.
Enforcement of the Tax Administration Act
The directive hinges on Section 4 of the Nigerian Tax Administration Act (NTAA). Similar policies have existed for years. However, this Act provides the concrete legal framework required for strict implementation.
Taiwo Oyedele disclosed this in an interview. He serves as Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms. Additionally, he shared specific details via his X account on Thursday.
According to him, the NTAA explicitly requires taxable individuals to have a tax ID. Otherwise, they cannot maintain access to financial services.
Oyedele noted the policy roots in the 2020 Finance Act. Yet, the NTAA now provides the formal legal backing for enforcement.
Who is Exempt from the Policy?
Crucially, the government has carved out exceptions. This ensures that vulnerable groups are not financially excluded. Therefore, the requirement does not apply to every single citizen.
Specifically, the following groups are exempt:
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Students
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Dependents (individuals with no independent income source)
As a result, these categories will not need a tax ID to maintain their accounts.
Status of Existing Taxpayers
Meanwhile, the transition should be seamless for those already in the tax net. The Chairman added that current TIN holders are safe. Thus, they will not need to obtain new tax IDs.
Ultimately, this move signifies a tighter integration between Nigeria’s financial system and its tax authorities. The goal is to widen the tax net ahead of the 2026 fiscal year.
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