Federal Government’s new Tax Administration Act makes TIN compulsory for income earners, with students and dependents exempted.
The Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, has announced that Nigerian banks will, beginning January 1, 2026, be required to request a Tax Identification Number (TIN) from all taxable individuals as part of the Federal Government’s updated tax administration framework.
Oyedele disclosed this in an interview shared on his X account on Thursday, noting that the new requirement is backed by Section 4 of the Nigerian Tax Administration Act (NTAA), which comes into force in 2026. According to him, the law makes it compulsory for every taxable Nigerian to possess a tax ID.
He stressed, however, that the rule does not apply to students or other dependents who do not earn an income. Such individuals, he said, will not need a tax ID to operate or maintain a bank account.
Oyedele explained that although the policy first appeared in the 2020 Finance Act, the NTAA now provides a stronger legal foundation for enforcement. He added that Nigerians and businesses already issued TINs will not need to apply again, as their existing identification remains valid.
“Yes, but with some exemptions,” he clarified. “The NTAA requires a taxable person to register and obtain a tax ID. A taxable person is anyone who earns income through trade, business, or any form of economic activity. This means banks must request a tax ID from anyone who falls into that category. Individuals who do not earn an income including students and dependents do not need a tax ID.”
He warned that taxable individuals who fail to obtain a tax ID may soon encounter difficulties operating their bank accounts once the new regime takes effect.
The clarification comes amid rising public concern that bank accounts without TINs could soon face limitations. President Bola Tinubu signed the updated tax laws in June 2025, paving the way for the new framework to begin January 1, 2026.
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