No tax ID, no bank account from January 2026 — FG
The Federal Government has issued a directive stating that, starting January 1, 2026, all taxable Nigerians must secure a Tax Identification Number or Taxpayer Identification Number to maintain a bank account within the nation.
This announcement was made by Taiwo Oyedele, the Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, during an interview he shared on his X account on Thursday.
Oyedele mentioned that obtaining a tax ID has become a requirement for all taxable individuals under the authority of a particular piece of legislation.
He indicated that Section 4 of the Nigerian Tax Administration Act, effective as of January 1, 2026, necessitates that all taxable individuals possess a tax ID.
He provided an important note, clarifying that this new requirement does not apply to certain groups, specifically, students and dependents are exempt from needing a tax ID to maintain a bank account.
Oyedele emphasized that the foundational policy has been in place since the 2020 Finance Act, but the NTAA now establishes the necessary legal framework for its implementation. He further assured that individuals currently earning an income and those businesses issued TINs will not need to acquire new tax IDs.
During the interview, he elaborated on the scope and application of this new requirement. “Yes, with some exceptions. A section of the NTAA mandates that a taxable individual must register and acquire a tax ID.”
He then clarified who is regarded as a taxable individual within the Act. “A taxable individual includes anyone who earns income through trade, business, or any economic activity. Therefore, banks are required to ask for a tax ID from taxable individuals. This indicates that persons who do not earn an income, such as students and dependents, are not obligated to obtain a tax ID.”
Oyedele strongly warned about the importance of adhering to the deadline. “Starting January 2026, any taxable entity lacking a tax ID may encounter challenges with managing their bank account going forward,” he stated in the interview.
This comprehensive clarification from the government representative arises amid growing concerns among Nigerians who fear that bank accounts without a Tax ID may encounter significant restrictions.
The PUNCH had previously reported that President Bola Tinubu officially enacted the new tax regulations in June 2025, with these laws set to come into effect in January 2026.
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