Banks will require Tax ID from all taxable Nigerians from January 2026 – Oyedele

Taiwo Oyedele, Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, has said that banks will be required to request a Tax Identification Number (TIN) from all taxable Nigerians under the federal government’s new tax administration framework, taking effect January 1, 2026.

Speaking in an interview shared on his X account on Thursday, Oyedele explained that Section 4 of the Nigerian Tax Administration Act (NTAA) makes TIN possession mandatory for all individuals and businesses engaged in income-generating activities.

He clarified that students and dependents are exempt from the requirement. “A taxable person is anyone who earns income through trade, business, or any economic activity. Banks must request a tax ID from taxable persons. Those who do not earn an income, such as students and dependents, do not need a TIN,” he said.

Oyedele added that individuals and businesses already issued TINs do not need to obtain new ones. He also warned that taxable entities without a TIN may soon face difficulties operating their bank accounts.

The statement comes as many Nigerians express concerns that bank accounts without a tax ID could face restrictions. The law follows President Bola Tinubu’s signing of new tax legislation in June 2025, set to take effect in January 2026.