The Federal Government has announced that bank accounts operated without a valid Tax Identification Number (TIN) may face restrictions from January 1, 2026, as Nigeria moves to tighten tax compliance and broaden its revenue base.
The disclosure was made by Taiwo Oyedele, Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, who said the policy will compel banks to confirm the tax registration status of income-earning customers across the country.
Oyedele explained that the measure is supported by the Nigerian Tax Administration Act (NTAA), which mandates individuals and businesses engaged in any form of taxable economic activity to register for tax and obtain a TIN.
Under the new framework, financial institutions will be required to demand TINs from taxable account holders. Bank accounts linked to individuals or entities that fail to comply may be subject to limitations once enforcement begins.
No TIN, No Banking? FG Sets 2026 Compliance Deadline
The Federal Government has announced that bank accounts operated without a valid Tax Identification Number (TIN) may face restrictions from January 1, 2026, as Nigeria moves to tighten tax compliance and broaden its revenue base.
The disclosure was made by Taiwo Oyedele, Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, who said the policy will compel banks to confirm the tax registration status of income-earning customers across the country.
Oyedele explained that the measure is supported by the Nigerian Tax Administration Act (NTAA), which mandates individuals and businesses engaged in any form of taxable economic activity to register for tax and obtain a TIN.
Under the new framework, financial institutions will be required to demand TINs from taxable account holders. Bank accounts linked to individuals or entities that fail to comply may be subject to limitations once enforcement begins.
The government, however, clarified that non-income earners such as students and dependents will not be affected by the requirement and can continue to operate bank accounts without a TIN.
Oyedele also noted that Nigerians who already have TINs do not need to reapply, as the policy focuses on enforcing existing tax registration rules rather than creating new ones.
Although the linkage between TINs and bank accounts was first introduced under the Finance Act of 2020, the NTAA now provides the comprehensive legal backing needed for full-scale enforcement across the banking sector from 2026.
Officials say the policy will enhance tax transparency, digital compliance, and revenue tracking, while encouraging early tax registration among individuals and businesses.
With the deadline approaching, experts are advising taxpayers to regularise their tax status ahead of time to avoid potential disruptions to their banking activities.
The government, however, clarified that non-income earners such as students and dependents will not be affected by the requirement and can continue to operate bank accounts without a TIN.
Oyedele also noted that Nigerians who already have TINs do not need to reapply, as the policy focuses on enforcing existing tax registration rules rather than creating new ones.
Although the linkage between TINs and bank accounts was first introduced under the Finance Act of 2020, the NTAA now provides the comprehensive legal backing needed for full-scale enforcement across the banking sector from 2026.
Officials say the policy will enhance tax transparency, digital compliance, and revenue tracking, while encouraging early tax registration among individuals and businesses.
With the deadline approaching, experts are advising taxpayers to regularise their tax status ahead of time to avoid potential disruptions to their banking activities.
