The Digest:
The Federal Government has announced that all taxable Nigerians must possess a Tax Identification Number to operate bank accounts starting January 2026. According to reports, the policy exempts students and dependents while reinforcing compliance under the new Nigerian Tax Administration Act.
Key Points:
- Federal Government mandates a Tax Identification Number for bank accounts as of January 1, 2026
- Taiwo Oyedele, tax reform committee chairman, confirmed the policy on social media
- Section 4 of the Nigerian Tax Administration Act provides the legal framework
- Students and dependents without income are exempt from the requirement
- Policy originated in the Finance Act 2020, but will now be fully enforced
- Existing TIN holders do not need to obtain a new identification number
- President Tinubu signed the new tax laws into effect in June 2025
As reforms reshape the financial landscape, the TIN mandate ties fiscal identity to economic participation, a move that formalizes responsibility while exempting the vulnerable.
Sources: Business Day, Daily Post
