Oyedele clarifies Tax ID rules for bank accounts

Taiwo Oyedele. Photo: State House

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The Chairman, Presidential Fiscal Policy & Tax Reforms Committee, Taiwo Oyedele, has clarified fears about the use of Tax Identification Numbers for bank accounts ahead of the January 2026 rollout of new tax regulations.

In a post he tagged ‘𝐅𝐀𝐂𝐓 𝐍𝐎𝐓 𝐅𝐄𝐀𝐑’ on his X account on Friday, he said, contrary to widespread misinformation, he emphasised that bank accounts will not be frozen nor automatically debited if a TIN is not linked.

He said, “A Tax ID is required only for income-earning or business accounts, adding that the requirement is intended for identification and data harmonisation, not as a punitive measure.

“The provision has been in place since January 2020,” he said.

He urged Nigerians not to panic, noting that the TIN requirement primarily applies to business accounts to facilitate efficient tax administration.

He posted, “𝐓he 𝐅ear: Your bank account will be frozen without a Tax ID, and you will be automatically debited from January 2026.

“𝐓he 𝐅act:  Tax ID (TIN) is only required for income or business accounts. This is for identification and data harmonisation, not automatic debit or freezing personal accounts.

“This provision is not new; it has existed since January 2020.

“𝐁ottom 𝐋ine: Don’t panic! The Tax ID requirement is for ease of administration, not punishment, and applies primarily to business accounts. 𝐅inal word: Evidence beats emotion. If they make a claim, ask them: “Where is it in the law?” he said.

The clarification forms part of an ongoing public education series aimed at separating facts from misinformation in the implementation of tax reforms.

PUNCH Online had reported that Oyedele had dismissed claims that Nigerians’ bank accounts will be frozen or automatically debited from January 2026, describing the reports as false and misleading.

Also, on December 24, PUNCH Online reported that Oyedele, had warned that delaying the implementation of the new tax laws beyond January 1, 2026, will have severe consequences on workers and businesses across Nigeria.

Oyedele’s warning follows mixed reactions over alleged discrepancies between the tax laws passed by the National Assembly and the gazetted version.

The concern was raised by a House of Representatives member, Abdulsamad Dasuki, who claimed that the FG gazetted laws differed from the version approved on the floor of the House.

The House of Representatives Committee has commenced an investigation into the alleged discrepancies of the gazetted tax laws and pledged to submit its report as soon as its work is concluded.

The Chairman of the Committee, Muktar Betara, gave the assurance on Wednesday, following the inaugural meeting of the panel, which was held in Abuja on Tuesday

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