You May Have Difficulty With Your Bank Account’ – FG Gives Fresh Update On 2026 Tax By Taiwo Oyedele

The Federal Government has announced that beginning January 1, 2026, every taxable Nigerian will be required to possess a Tax Identification Number (TIN) or taxpayer ID to operate a bank account in the country.

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

Oyedele explained that Section 4 of the Nigerian Tax Administration Act (NTAA), scheduled for implementation in 2026, makes the possession of a tax ID mandatory for taxable persons.

According to him, the requirement is not new, as it had existed under the Finance Act of 2020, but the NTAA now provides “a legal framework for its implementation.”

Clarifying those affected, Oyedele said: “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.”

He added that individuals who do not earn an income are exempt.

“This means that individuals who do not earn an income, such as students and dependents, do not need to obtain a tax ID,” Oyedele noted.

He also stressed that businesses and income earners with existing TINs do not need to apply for a new one.

Possible Banking Restrictions for Defaulters
Fifty Shades of Grey Can’t Hold A Candle to This Book
The Most-Read Romance Novel Since Twilight and 50 Shades
Galatea – Romance Novels
by TaboolaSponsored Links
Oyedele warned that taxable entities operating without a tax ID may face challenges with their bank accounts once the law takes effect.

“Any taxable entity without a tax ID may have difficulty running their bank account in the near future,” he said.

The update comes amid widespread concerns that Nigerians without a tax ID may have their bank accounts restricted. President Bola Ahmed Tinubu had, in June 2025, signed new tax laws, scheduled for rollout from January 2026.