New Tax Compliance Rule: Banks to Demand TIN from All Taxable Nigerians Starting 2026

The Federal Government’s new tax administration framework will require banks in Nigeria to request a Tax Identification Number (TIN) from all taxable individuals starting January 1, 2026.

This update was explained by the Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, who highlighted that the mandate is backed by the Nigerian Tax Administration Act set to take effect next year.

According to the Act, every taxable person must register and obtain a tax ID before operating a bank account. Oyedele noted that this requirement does not extend to students or dependents, who are not considered taxable individuals and therefore will not need a tax ID for their accounts.

Advertisement

He explained that while the policy has existed since the 2020 Finance Act, the new legal framework will now allow full enforcement. Individuals and businesses that already possess valid TINs will not need to apply for new tax identifiers.

Oyedele clarified that anyone who earns income through trade, employment, business activity or any economic venture falls under the category of taxable persons. He warned that individuals who are required to obtain a tax ID but fail to do so may encounter challenges operating their bank accounts once the implementation begins.

His statement comes as many Nigerians express concern that bank accounts without a tax ID may face restrictions under the new policy.

The federal government approved updated tax laws earlier in 2025, with implementation scheduled to start January 2026.