The Nigerian government has announced that all taxable individuals must obtain a Tax Identification Number (TIN) to operate a bank account in the country, effective January 1, 2026. This requirement is part of the new tax reforms aimed at enhancing tax administration in Nigeria. According to Taiwo Oyedele, chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, the Nigerian Tax Administration Act (NTAA) mandates taxable persons to register and obtain a TIN.

The NTAA, which is scheduled to be implemented in January 2026, provides a legal framework for the policy, which has been in place since the Finance Act of 2020. Oyedele explained that a taxable person is anyone who earns income through trade, business, or any economic activity, and that banks will be required to request a TIN from these individuals. However, students and dependents are exempt from obtaining a TIN to operate a bank account, as they do not earn an income.

It is worth noting that individuals and businesses with existing TINs will not need to obtain a new tax ID. The new regulation is expected to affect income earners, including businesses, who do not have a TIN. Oyedele emphasized that any taxable entity without a TIN may face difficulties in operating their bank account in the near future.

This development comes after President Bola Ahmed signed into law new tax laws in June 2025, which are set to be implemented in January 2026. The Nigerian government’s move to enforce TIN requirements for bank account operations is part of its efforts to improve tax compliance and revenue collection. As the implementation date approaches, Nigerians are advised to obtain a TIN if they have not already done so, to avoid any potential restrictions on their bank accounts. The new regulation is expected to have significant implications for tax administration in Nigeria, and its implementation will be closely monitored in the coming months.