The Federal Government has announced that all taxable Nigerians must possess a Tax Identification Number (TIN) to operate a bank account, starting January 1, 2026.

The Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, made the disclosure in an interview shared on his X account on Thursday.

Oyedele said the move is backed by Section 4 of the Nigerian Tax Administration Act (NTAA), which takes effect next month.

Oyedele clarified that the requirement applies only to taxable individuals and entities.

“A taxable person is anyone who earns income through trade, business, or any economic activity. Banks must request a tax ID from taxable persons. Students and dependents who do not earn an income are exempted from this requirement,” he said.

According to Oyedele, the policy has existed since the 2020 Finance Act, but the NTAA now provides formal legal backing for enforcement. Income earners and businesses who already have TINs will not need to obtain new ones.

He warned that “any taxable entity without a tax ID may have difficulty running their bank account in the near future,” a statement that comes amid growing concerns among Nigerians that accounts without TINs could face restrictions.

The development follows President Bola Tinubu’s signing of new tax laws in June 2025, set to take effect in January 2026.

Tinubu signed four finance bills into law in a set of major reforms aimed at restructuring the tax system in Africa’s most populous nation.

The government says the new laws will simplify revenue collection, reduce the tax burden on some individuals and businesses, while also helping to raise much-needed government income revenue by making collection more efficient.

“The tax reforms will protect low-income households and support workers by expanding their disposable income,” said President Tinubu in a statement to mark the second anniversary of his administration.