Banks must request tax ID from taxable persons – Oyedele

Taiwo Oyedele. Photo: State House

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The Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, has said that banks will be required to request a Tax Identification Number (TIN) from all taxable Nigerians as part of the federal government’s new tax administration framework set to take effect on January 1, 2026.

The Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, disclosed this in an interview shared on his X account on Thursday.

According to him, Section 4 of the Nigerian Tax Administration Act, which takes effect on January 1, 2026, makes the possession of a tax ID mandatory for all taxable individuals.

He clarified that the requirement does not apply to students or dependents, who will be exempted from needing a tax ID to maintain a bank account.

Oyedele noted that the policy has existed since the 2020 Finance Act, but the NTAA now provides the formal legal backing for enforcement. He added that income earners and businesses already issued TINs will not need to obtain new tax IDs.

“Yes, but with some exemptions. 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,” he said in the interview.

This clarification comes as many Nigerians express concern that bank accounts without a tax ID could soon face restrictions.

PUNCH Online reports that President Bola Tinubu signed new tax laws in June 2025, set to take effect in January 2026.

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