Do You Have Tax ID? FG Sends Message to Access, Zenith, Other Banks on TIN on Bank Accounts
- The Nigerian government has changes to owning and operating bank accounts in Nigeria, beginning January 2026
- The Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, said banks will require TIN from Nigerians
- He disclosed that every taxable Nigerians must have Tax Identification Number tied their bank accounts from next year
Pascal Oparada is a journalist with Legit.ng, covering technology, energy, stocks, investment, and the economy for over a decade.
The Federal Government has sent a clear signal to Nigeria’s banking sector as part of sweeping tax reforms scheduled to take effect from January 1, 2026.
Under the new framework, banks will be required to request a Tax Identification Number from all taxable Nigerians operating bank accounts, a move that could affect millions of account holders nationwide.
Source: Twitter
New law, stronger enforcement
The directive was confirmed by Taiwo Oyedele, Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, who disclosed the details in an interview shared on his official X account.
His comments have reignited public debate and anxiety over the future of bank accounts without tax identification.
According to Oyedele, the requirement is anchored in Section 4 of the Nigerian Tax Administration Act, which becomes operational in January 2026.
The law makes it mandatory for every taxable person to register for and obtain a tax ID, commonly known as a TIN.
While the idea of linking tax records to financial accounts is not entirely new, Oyedele explained that the NTAA provides the legal teeth needed for full enforcement.
Previous provisions, including those contained in the 2020 Finance Act, lacked a strong enforcement mechanism, allowing many taxable individuals to operate outside the tax net.
Who must have a TIN and who is exempt?
Oyedele clarified that the policy targets only taxable individuals and entities. These include Nigerians who earn income through employment, trade, business, or any form of economic activity.
Students and dependents, however, are exempt. He stressed that individuals who do not earn income will not be required to obtain a tax ID to open or maintain a bank account.
This clarification aims to ease fears that young people and financially dependent Nigerians could be locked out of the banking system.
Income earners and businesses that already have TINs will also not need to reapply, as existing tax IDs remain valid under the new framework.
What it means for bank accounts
Under the coming regime, banks such as Access Bank, Zenith Bank, and others will be required to request TINs from taxable customers as part of account compliance.
Oyedele warned that taxable entities without a tax ID may face difficulties operating their bank accounts in the future.
Although no immediate sanctions were announced, the message suggests that accounts linked to taxable income could face restrictions if owners fail to comply once the law takes effect.
Rising public concerns
The announcement has sparked widespread concern among Nigerians, with many fearing sudden account freezes or service disruptions.
Oyedele’s explanation seeks to calm those fears while reinforcing the government’s determination to expand the tax base and improve compliance.
Tinubu’s tax reform push
President Bola Tinubu signed a series of new tax laws into effect in June 2025 as part of broader fiscal reforms aimed at boosting government revenue and strengthening economic governance.
Source: Twitter
The laws are scheduled to be implemented fully from January 2026.
With enforcement drawing closer, the government’s message is becoming increasingly clear: taxable Nigerians will need to align their banking activities with the country’s tax system as a new era of accountability approaches.
What Nigerians must know about TINs on personal pccounts
Legit.ng earlier reported that the federal government has clarified that Tax Identification Numbers (TINs) are not required for strictly personal bank accounts under the new tax reforms.
TINs become mandatory only when an account is used for business transactions, the Presidential Committee on Fiscal Policy and Tax Reforms confirmed.
Chairman Taiwo Oyedele explained that authorities can detect business activity in personal accounts through Bank Verification Number (BVN) patterns, urging individuals to conduct self-assessment.
Source: Legit.ng
