Tax ID Mandate: Banks Now Required to Demand Tax Identification for Taxable Accounts — Oyedele

The Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, has revealed that banks will soon be required to request a Tax Identification Number (TIN) from every taxable Nigerian, marking a major shift in the country’s tax administration system beginning January 1, 2026.

Oyedele explained the policy in an interview shared on his X account on Thursday, noting that Section 4 of the Nigerian Tax Administration Act (NTAA) makes it compulsory for all taxable individuals to obtain a tax ID once the law takes effect. He stressed that the rule does not apply to students or dependents, who will be exempt from providing a tax ID to operate a bank account.

According to him, the requirement has technically existed since the 2020 Finance Act, but the NTAA now gives the federal government the full legal power to enforce it across financial institutions. He added that people and businesses who already have TINs will not need to apply for new tax IDs, since their existing identification remains valid.

“Yes, but with some exemptions,” Oyedele explained. “A taxable person must register and obtain a tax ID. Anyone earning income through trade, business, or any economic activity falls into this category. Banks will therefore be required to request a tax ID from such individuals. Students and dependents who do not earn income will not be affected.”

He warned that taxable individuals without a tax ID may soon face challenges operating their bank accounts as enforcement strengthens.

His clarification follows growing public anxiety over whether accounts lacking tax IDs might be blocked or restricted under the new rules.

President Bola Tinubu had earlier signed a set of updated tax laws in June 2025, all of which are scheduled to come into full force by January 2026.