Taiwo-Oyedele Tax.webp
The Digest:

Following the announcement that a Tax Identification Number (Tax ID) will be mandatory for operating bank accounts from January 2026, Taiwo Oyedele, Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, has clarified key aspects of the new policy through a detailed social media FAQ.

Key Points:
  • The requirement applies only to "taxable persons" – those engaged in trade, business, or income-earning activities
  • The policy is not new; it has been in effect since the Finance Act of 2019
  • Existing TINs remain valid; no need for re-registration
  • The Tax ID will unify various identification numbers, with NIN serving as the Tax ID for individuals
  • Registration is free and can be done online or at tax offices; no biometric queuing required
  • Nigerians in the diaspora can obtain a Tax ID using their NIN
  • Non-compliance by taxable persons may result in restrictions on banking and investment activities
  • The measure aims to simplify tax compliance, reduce duplication, and combat tax evasion
The clarification from the government's top tax reform official seeks to address public concerns while reinforcing the move toward a more efficient and equitable tax system.

Sources: Taiwo Oyedele via Social Media

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