BREAKING: No Bank Account Without Tax ID From January 1, 2026 – FG Announces
Reported by Suzan Daniel – Sele Media Africa
The Federal Government of Nigeria has announced that starting from January 1, 2026, no Nigerian or non-resident will be allowed to open or operate a bank account in the country without a Tax Identification Number (TIN).
This directive is part of the newly enacted Nigeria Tax Administration Act, 2025, signed into law by President Bola Ahmed Tinubu. The Act mandates that all taxable individuals and entities must register with the relevant tax authority to obtain a TIN for compliance with tax obligations. [1]
According to Section 8(2) of the Act, a valid TIN will now be required to open and operate bank accounts, obtain insurance, engage in stock exchange transactions, and enter contracts with federal or state governments. [2]
The Act also stipulates that non-resident individuals and entities supplying taxable goods and services to persons in Nigeria must obtain a TIN and comply with Nigerian tax laws. [1]
The Federal Inland Revenue Service (FIRS) has been tasked with the implementation of this policy, aiming to enhance tax compliance and broaden the country’s revenue base.
For more details, refer to the official announcement: FG makes tax identification mandatory for banking, allied services
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