Banks to demand TINs from customers from January

From Adanna Nnamani, Abuja

From January 1, 2026, Nigerians who earn any form of income will be required to present their Tax Identification Numbers (TINs) before they can fully operate their bank accounts.  Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, disclosed this in a video posted on X on Thursday.

The directive is backed by Section 4 of the newly signed Nigerian Tax Administration Act (NTAA), which mandates all taxable persons, individuals or businesses engaged in trade, business, or any income-generating activity to register and obtain a tax ID. Government authorities say the move is aimed at tightening tax compliance and reducing evasion.

Oyedele explained that although a similar provision existed under the 2020 Finance Act, enforcement had been weak until the NTAA was signed into law by President Bola Tinubu in June 2025.

He stressed that the requirement does not apply to students or dependents who are exempted from needing a TIN to keep their accounts active.

According to him, “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.”