The Nigerian government has announced that, beginning January 1, 2026, all taxable individuals must obtain a Tax Identification Number (TIN) to operate a bank account in the country. This requirement is part of new tax reforms aimed at strengthening tax administration.
According to Taiwo Oyedele, chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, the Nigerian Tax Administration Act (NTAA) mandates that taxable persons register and obtain a TIN. The NTAA, scheduled for implementation in January 2026, provides the legal framework for a policy that has been in place since the Finance Act of 2020. Oyedele clarified 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.
Students and dependents are exempt, as they do not earn an income. Individuals and businesses that already possess a TIN will not need to obtain a new one. The regulation will primarily affect income earners, including businesses, who currently lack a TIN. Oyedele warned that any taxable entity without a TIN may soon encounter difficulties operating its bank account.
This development follows President Bola Ahmed’s signing of new tax laws in June 2025, which are set to take effect in January 2026. The government’s move to enforce TIN requirements for bank account operations is intended 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 potential restrictions on their bank accounts. The new regulation is expected to have significant implications for tax administration in Nigeria and will be closely monitored in the coming months.
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