FG Announces New Requirements for Opening New Bank Accounts in Nigeria
Editor:
Reports reaching the news desk at OPEN TELEVISION NAIJA OTN News have it that effective from January 1, 2026, individuals—whether Nigerian citizens or foreigners—will not be able to open or operate a bank account without a valid Tax Identification Number (TIN).
OTN News further reports that this new requirement derives its power from the Nigeria Tax Administration Act, 2025, recently enacted by President Bola Tinubu.
The legislation expands the role of TINs, making them compulsory for insurance dealings, stock market participation, and government contracts at both federal and state levels.
The Act requires every taxable person to obtain a TIN from the relevant authority, and mandates ministries, departments, and agencies across the country to do the same. Foreigners offering taxable goods or services within Nigeria must also register and pay tax locally.
Tax authorities are empowered to issue TINs automatically if individuals fail to apply, or reject applications when necessary, with decisions conveyed within five working days. Business owners are further obligated to inform tax authorities within 30 days of suspending or closing operations so their TIN status can be updated.
The Act also creates the Nigeria Revenue Service, to be overseen by an Executive Chairman with a four-year renewable tenure. Its operations will be funded by retaining four percent of the revenues it collects, apart from petroleum royalties.
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