FG mandates Tax ID for all taxable Nigerians from January 2026, linking bank account operations to TIN compliance with exemptions for students

The Federal Government has announced that, effective January 1, 2026, all taxable Nigerians must obtain a Tax Identification Number (TIN) to operate a bank account in the country.

Also read: FG’s Pension-backed Loan Scheme to Empowers Nigerian Retirees

The policy was confirmed by Taiwo Oyedele, Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, in an interview shared on his X account on Thursday.

Oyedele explained that Section 4 of the Nigerian Tax Administration Act (NTAA) makes possession of a tax ID mandatory for all individuals earning income from trade, business, or other economic activities. He clarified that students and dependents are exempt from the requirement.

“The NTAA requires a taxable person to register and obtain a tax ID,” Oyedele said. “Banks must request a tax ID from taxable individuals.

Those without a TIN may face difficulties operating bank accounts in the near future.”

He further noted that the policy has existed since the 2020 Finance Act, but the NTAA provides formal legal backing for enforcement. Individuals and businesses already issued TINs will not need to obtain new ones.

The announcement comes amid concerns from Nigerians about potential restrictions on bank accounts lacking tax identification.

President Bola Tinubu signed the relevant tax laws in June 2025, which will formally take effect at the start of next year.

Also read: FG Secures Release of 100 Abducted St. Mary’s Private School’s Pupils

The government emphasised that the initiative aims to strengthen tax compliance, broaden the revenue base, and enhance fiscal transparency, linking banking operations directly to formal tax registration.