Expect Banking Challenges” — Federal Government Updates Citizens On 2026 Tax

The Federal Government has announced that starting January 1, 2026, all taxable Nigerians will be required to possess a Tax Identification Number (TIN) to operate a bank account in the country.

Taiwo Oyedele, Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, made the disclosure in an interview shared on his account on Thursday.

Oyedele explained that Section 4 of the Nigerian Tax Administration Act (NTAA), set for implementation in 2026, makes a tax ID mandatory for all taxable persons. He noted that the requirement is not new, having been introduced under the Finance Act of 2020, but the NTAA now provides a formal legal framework for its enforcement.

Clarifying who qualifies as a taxable person, Oyedele said:
“A taxable person is anyone who earns income through trade, business, or any economic activity. Banks must request a tax ID from such individuals or entities.”

He added that individuals without income, such as students or dependents, are exempt.

Oyedele also emphasized that businesses and income earners with existing TINs do not need to apply for a new one.

Possible Banking Restrictions for Defaulters
The Chairman warned that taxable persons operating without a TIN may encounter challenges with their bank accounts once the law takes effect.
“Any taxable entity without a tax ID may have difficulty running their bank account in the near future,” he stated.

The announcement comes amid rising concerns that Nigerians without a TIN could face banking restrictions. President Bola Ahmed Tinubu had signed new tax laws in June 2025, set to take effect from January 2026.