Starting January 1, 2026, all bank account holders in Nigeria must have a Tax Identification Number (TIN) to continue using their accounts, as required by the Nigeria Tax Administration Act, 2025. This new law marks a significant step in enhancing the country’s tax and financial transparency.
Fortunately, obtaining a TIN is free and straightforward. Many individuals may already have a TIN linked to their Bank Verification Number (BVN) or National Identification Number (NIN).
Steps to Get Your Tax ID
1. Check for an Existing Tax ID
– Visit the Joint Tax Board (JTB) TIN Verification Portal at https://tin.jtb.gov.ng.
– Select “Search for TIN.”
– Enter your BVN and date of birth to see if a TIN has been automatically assigned.
2. Register for a New Tax ID (if none exists)
– If no TIN is found, go to the JTB TIN Registration Portal.
– Choose “Register for TIN” for individuals.
– Provide your BVN, NIN, and other required personal details.
– Submit the form and follow the prompts to receive your TIN certificate.
The process is free, and you can download or print your TIN certificate upon issuance. Complete this well before the January 2026 deadline to avoid disruptions to your banking services.
Key Details of the Nigeria Tax Administration Act, 2025
Signed into law by President Bola Tinubu, this Act aims to streamline Nigeria’s financial system. Key provisions include:
– Section 8(2): Individuals using banking, insurance, stockbroking, or other financial services must provide a TIN.
– Section 6(1): Non-residents supplying goods or services in Nigeria or earning income from Nigeria must register for a TIN.
– Section 7(3): Tax authorities can automatically assign a TIN to those who fail to register.
– Business Suspension: Businesses temporarily halting operations can suspend or deregister their TIN by notifying the tax authority within 30 days.
Expert Clarifications
Taiwo Oyedele, Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, clarified via his X account that this requirement builds on the Finance Act of 2019. The NIN (for individuals) or CAC registration number (for businesses) will serve as the TIN to simplify compliance. The policy ensures fairness, targeting those with taxable income while protecting low-income individuals. Without a TIN, you may face restrictions on banking, insurance, or investment services, along with potential penalties.
Act now to secure your TIN and maintain uninterrupted access to your financial services.
