FG Introduces Mandatory Requirement To Open, Operate Bank Account

Saturday December 13, 2025
www.thenewsdesk.ng

Taiwo Oyedele, Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, announced that banks will be required to collect Tax Identification Numbers (TIN) from all taxable Nigerians as part of a new tax administration framework coming into effect on January 1, 2026.

In an interview shared on his X account, Oyedele explained that Section 4 of the Nigerian Tax Administration Act (NTAA) mandates that every taxable individual must possess a tax ID to maintain bank accounts.

He clarified that this requirement exempts students and dependents who do not earn an income, meaning they won’t need a TIN to hold or operate a bank account.

Oyedele also noted that the policy was initially introduced in the 2020 Finance Act but now has stronger legal enforcement under the NTAA. Individuals and businesses already issued with TINs will not need to apply for new ones.

He stated, “A taxable person is anyone who earns income through trade, business, or any economic activity. Banks must therefore request a tax ID from these taxable persons. Those without a tax ID may face difficulties operating their bank accounts in the near future.”

This announcement comes amid growing public concern about possible restrictions on bank accounts without tax IDs as the new tax laws take effect. President Bola Tinubu signed these laws in June 2025, with full implementation slated for January 2026.