Banks must request tax ID from taxable persons – Oyedele
The Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, has said that banks will be required to request a Tax Identification Number (TIN) from all taxable Nigerians as part of the federal government’s new tax administration framework set to take effect on January 1, 2026.
The Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, disclosed this in an interview shared on his X account on Thursday.
According to him, Section 4 of the Nigerian Tax Administration Act, which takes effect on January 1, 2026, makes the possession of a tax ID mandatory for all taxable individuals.
He clarified that the requirement does not apply to students or dependents, who will be exempted from needing a tax ID to maintain a bank account.
Oyedele noted that the policy has existed since the 2020 Finance Act, but the NTAA now provides the formal legal backing for enforcement. He added that income earners and businesses already issued TINs will not need to obtain new tax IDs.
This clarification comes as many Nigerians express concern that bank accounts without a tax ID could soon face restrictions.