The Federal Government has fixed January 1, 2026, as the take-off date for stricter tax compliance, requiring banks to obtain a Tax Identification Number (TIN) from all taxable Nigerians operating bank accounts.
Taiwo Oyedele, Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, disclosed this in a recent interview shared on his X handle, describing the move as a key part of the government’s revamped tax administration framework aimed at widening the tax net.
According to Oyedele, the enforcement is anchored on Section 4 of the Nigerian Tax Administration Act (NTAA), which becomes effective in 2026 and legally mandates all taxable persons to register and obtain a TIN.
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“A taxable person is anyone earning income from trade, business, or any economic activity. Banks are therefore required to request a tax ID from such individuals,” he explained.
He clarified that non-income earners—such as students and dependents—are exempt and will not be required to present a TIN to operate bank accounts.
Oyedele warned that taxable individuals or businesses without a valid TIN may face restrictions on their bank accounts once enforcement begins. He added that those who already have TINs do not need to re-register.
While the policy traces back to the 2020 Finance Act, the NTAA now provides the legal backing for full-scale enforcement across the banking system from 2026.
