The Federal Government of Nigeria has announced that all taxable individuals and entities must possess a Tax Identification Number (TIN) to operate a bank account, effective January 1, 2026.
This requirement is backed by Section 4 of the Nigerian Tax Administration Act (NTAA) and applies to anyone earning income through trade, business, or economic activity.
Students and dependents without income are exempt from this requirement. Those already holding TINs don’t need to obtain new ones.
The government warns that taxable entities without a tax ID may face difficulties running their bank accounts soon.
This move is part of President Bola Tinubu’s tax reforms aimed at simplifying revenue collection, reducing tax burdens, and increasing government revenue.
The reforms are expected to protect low-income households and support workers.
