Tinubus tax law.webp
The Digest:

President Bola Tinubu’s newly signed Nigeria Tax Administration Act (2025) will require every Nigerian and non-resident to possess a Tax Identification Number (TIN) to open or operate bank accounts from January 1, 2026. The law extends to insurance, stock market transactions, and government contracts, marking the most aggressive tax compliance drive in recent history.

Key Points:
  • TIN becomes compulsory for banking, insurance, investments, and government contracts
  • Non-residents providing taxable goods/services in Nigeria must register and pay taxes
  • Tax authorities can assign TINs automatically or deny applications within 5 days
  • Businesses must notify tax authorities within 30 days of closure to dormant/deregister TIN
  • The law targets informality and expands the tax net but raises concerns about accessibility
  • Public reaction reflects fears of bureaucratic hurdles and “NIN-style” chaos
This reform aims to boost government revenue but risks excluding vulnerable groups from formal financial systems.

Sources: Thisday Live, Vanguard