Banks must request tax ID from taxable persons – Oyedele
The Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, has disclosed that banks will be required to request a Tax Identification Number (TIN) from all taxable Nigerians under the Federal Government’s new tax administration framework, which will take effect from January 1, 2026.
Oyedele made this known in an interview shared on his X account on Thursday, explaining that the requirement is anchored in Section 4 of the Nigerian Tax Administration Act (NTAA), which mandates every taxable person to register and obtain a tax ID.
He clarified that the policy applies only to individuals and entities that earn income through trade, business, or other economic activities. According to him, students, dependents, and other individuals who do not earn income are exempted from the requirement and will not need a tax ID to operate a bank account.
Oyedele noted that while the policy has been in existence since the 2020 Finance Act, the NTAA now provides the formal legal framework for its full enforcement. He added that individuals and businesses that already have TINs will not be required to obtain new tax IDs.
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“Yes, but with some exemptions. A section of the NTAA requires a taxable person to register and obtain a tax ID,” 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. This means that individuals who do not earn an income, such as students and dependents, do not need to obtain a tax ID.”
He warned that taxable individuals or entities without a tax ID may encounter challenges in operating their bank accounts once the law comes into force.
The clarification follows growing concerns among Nigerians that bank accounts without tax IDs could soon face restrictions. PUNCH Online reports that President Bola Tinubu signed the new tax laws in June 2025, with implementation scheduled to begin in January 2026.
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