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

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The Federal Government has confirmed that, beginning January 1, 2026, all taxable Nigerians must possess a Tax Identification Number (TIN) or taxpayer ID to operate any bank account in the country.

This update was disclosed by Taiwo Oyedele, Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, in an interview shared on his official 𝕏 account on Thursday. Oyedele is a respected tax expert and former fiscal policy partner at PwC, lending authoritative weight to the new directive.

Legal Backing and Implementation Timeline

According to Oyedele, the directive is backed by Section 4 of the Nigerian Tax Administration Act (NTAA), which comes into effect in 2026. Although the requirement previously existed under the Finance Act of 2020, the NTAA now provides a stronger and clearer legal framework for full enforcement.

He emphasized that the provision is neither sudden nor arbitrary, but part of a broader effort to modernize Nigeria’s tax administration and reduce leakages.

Who Must Obtain a Tax ID?

In his clarification, Oyedele explained that the mandate applies strictly to taxable individuals, defined as:

• Anyone who earns income through trade, business, or any economic activity.

• All business owners, including MSMEs and freelancers.

• Income earners across formal and informal sectors.

“Banks must request a tax ID from taxable persons,” he stated.

However, he stressed that non-income earners are fully exempt.

“Individuals who do not earn an income—such as students, dependents, and the unemployed—do not need to obtain a tax ID,” Oyedele clarified.

He also confirmed that existing TIN holders do not need to reapply, as the new law recognizes all current tax identification numbers.

Possible Banking Restrictions for Non-Compliance

Oyedele cautioned that taxable individuals who fail to obtain a tax ID before the deadline may experience disruptions in banking operations once the NTAA takes effect.

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

His statement comes amid public concerns that bank accounts could be restricted for non-compliant customers.

Part of Broader 2026 Fiscal Reforms

The move aligns with President Bola Ahmed Tinubu’s sweeping tax modernization agenda, backed by the new tax laws signed in June 2025, scheduled for phased implementation from January 2026.

Policy analysts say the reform aims to expand Nigeria’s tax base, improve compliance, and reduce informal-sector tax evasion—while ensuring that non-earners are not burdened.