This was revealed by Taiwo Oyedele, Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, in an interview shared on his 𝕏 account on Thursday.

Oyedele explained that Section 4 of the Nigerian Tax Administration Act (NTAA), set to take effect in 2026, makes it compulsory for all taxable individuals and entities to possess a TIN. He noted that while this requirement existed under the Finance Act of 2020, the NTAA now provides a clear legal framework for its enforcement.

Clarifying who is affected, Oyedele said: “A taxable person is anyone earning income through trade, business, or any economic activity. Banks are therefore required to request a tax ID from these individuals.” He added that those who do not earn an income, such as students and dependents, are exempt.

He further emphasized that individuals and businesses that already have a TIN do not need to apply for a new one.

Banking Implications for Non-Compliance

Oyedele warned that taxable persons without a TIN may encounter difficulties operating their bank accounts once the law is implemented.

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

This update comes amid growing concerns that Nigerians lacking a tax ID could face banking restrictions. The announcement follows the signing of new tax legislation by President Bola Ahmed Tinubu in June 2025, scheduled to take effect in January 2026.