Taxable Nigerians without tax ID may have bank accounts restricted from January 2026: Oyedele

Taiwo Oyedele, the chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, says banks will be required to request a Tax Identification Number from all taxable Nigerians as part of President Bola Tinubu’s new tax regime set to take effect on January 1, 2026.
Mr Oyedele, who disclosed the development in an interview shared on his X account on Thursday, said Section 4 of the Nigerian Tax Administration Act makes it mandatory for all taxable individuals to possess a tax ID.
“Any taxable entity without a tax ID may have difficulty running their bank account in the near future,” Mr Oyedele said in the interview.
President Bola Tinubu signed the new tax act into law in June 2025.
Mr Oyedele, however, clarified that the requirement does not apply to students or dependents, who will be exempted from needing a tax ID to maintain a bank account.
He also noted that the policy has been in existence since the 2020 Finance Act, but the NTAA now provides the formal legal backing for enforcement.
He added that income earners and businesses who already have TINs would not need to obtain new tax IDs.
“Yes, but with some exemptions. A section of the NTAA requires a taxable person to register and obtain a tax ID.
“A taxable person is anyone who earns income through trade, business, or any economic activity. So banks must request a tax ID from taxable persons. This means that individuals who do not earn an income, such as students and dependents, do not need to obtain a tax ID,” Mr Oyedele said.
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