Banks to Require Tax Identification Numbers for All Taxable Nigerians from 2026
Taiwo Oyedele, Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, has announced that starting January 1, 2026, banks will be mandated to collect Tax Identification Numbers (TINs) from all taxable Nigerians under the federal government’s updated tax administration framework.
Oyedele shared this update in an interview posted on his X account on Thursday, noting that Section 4 of the Nigerian Tax Administration Act (NTAA), which takes effect at the start of 2026, makes it compulsory for all income-earning individuals to possess a TIN.
He emphasized that students and dependents are exempt from this requirement and will not need a TIN to maintain their bank accounts.
The policy, Oyedele explained, has been in place since the 2020 Finance Act, but the NTAA now provides a stronger legal basis for enforcement. Individuals and businesses that already have TINs will not be required to apply for new ones.
Oyedele added, “A taxable person is anyone earning income through trade, business, or other economic activities. Banks must request TINs from such individuals. Those without a TIN may face difficulties operating their bank accounts in the future.”
This announcement comes amid growing concerns among Nigerians that accounts lacking a TIN could soon encounter operational restrictions. President Bola Tinubu signed the new tax laws in June 2025, with implementation set for January 2026, according to PUNCH Online.
