Banks to Enforce Tax ID Requirement for Income Earners from 2026 – FG
The Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, has announced that banks across the country will, from January 1, 2026, be required to request a Tax Identification Number (TIN) from all taxable Nigerians as part of the Federal Government’s strengthened tax administration framework.
Oyedele disclosed this in an interview shared on his X account on Thursday. He explained that Section 4 of the Nigerian Tax Administration Act (NTAA) mandates every taxable individual to possess a tax ID once the law comes into effect on January 1, 2026.
He clarified that the directive does **not** apply to students or dependents, who will be exempted since they are not classified as taxable persons.
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According to him, although the requirement first appeared under the 2020 Finance Act, the NTAA now provides the legal authority needed for strict enforcement. He added that individuals and businesses already issued TINs will not be required to obtain new tax IDs.
“A section of the NTAA requires a taxable person to register and obtain a tax ID,” Oyedele explained.
“A taxable person is anyone who earns income through trade, business, or any economic activity. So banks must request a tax ID from taxable persons. This means individuals who do not earn an income, such as students and dependents, do not need to obtain a tax ID.
“Any taxable entity without a tax ID may have difficulty operating their bank account in the near future,” he stated.
The clarification comes amid public concern that bank accounts without tax IDs may soon face restrictions.
Recall that President Bola Tinubu signed a set of new tax laws in June 2025, scheduled to take effect from January 2026.
By PRNigeria
