"Any Taxable Entity Without a Tax ID May Have Difficulty Running Their Bank Account in The Near Future" - FG
By: Israel Adeleke
OPEN TELEVISION NAIJA (OTN) News reports that ahead of the new year tax policy, the Nigerian government has warned that every taxable Nigerian must have a Tax Identification or Taxpayer Identification Number to operate bank accounts in the country as new tax reforms begin on January 1, 2026.
OTN News further reports that the this warning was disclosed by the chairman of the Presidential Committee on Fiscal Policy and Tax Reforms in Nigeria, Taiwo Oyedele, in an interview he posted on his X account late this week.
According to him, Section 4 of the Nigerian Tax Administration Act, to be implemented on January 1, 2026, makes it mandatory for taxable persons to have a tax ID.
Oyedele, who clarified that students and dependents are exempt from having a tax ID for an operating bank account stressed that the policy has been in place since the Finance Act of 2020, but the NTAA provides a legal framework for its implementation.
He added that income earners, including businesses with existing TINs, do not need a new tax ID.
He is quoted as he had written: “Yes, but with some exemptions. A section of 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 economic activity. So banks must request a tax ID from taxable persons. This means that 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 running their bank account in the near future,” he said in the interview.
What's Your Reaction?
