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 mandated to request a Tax Identification Number (TIN) from all taxable Nigerians under the federal government’s new tax administration framework, which becomes effective on January 1, 2026.

Oyedele made this known in an interview shared on his X account on Thursday.

He explained that Section 4 of the Nigerian Tax Administration Act (NTAA), which takes effect next year, makes it compulsory for all taxable persons to possess a tax ID. However, he stressed that the directive does not affect students or dependents, who are exempt from needing a tax ID to keep or operate a bank account.

According to him, the requirement is not entirely new, as it was first introduced under the 2020 Finance Act, but the NTAA now provides the legal framework necessary for full enforcement. He added that individuals and businesses already assigned TINs will not need to apply for new tax IDs.

“Yes, but with some exemptions. A section of the NTAA requires a taxable person to register and obtain a tax ID,” he 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. This means that individuals who do not earn 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 added.

The clarification follows rising public concern that bank accounts without a tax ID might soon face limitations.

President Bola Tinubu signed the new tax laws in June 2025, with implementation scheduled for January 2026.