The Federal Government has announced that starting January 2026, Nigerians who earn income will be required to obtain a Tax Identification Number (Tax ID) in order to open or continue operating their bank accounts. This follows the enactment of the Nigeria Tax Administration Act (NTAA), which makes the use of Tax IDs mandatory for certain transactions across the country.
Under the new law, anyone classified as a taxable person—defined as an individual engaged in trade, business, or any other economic activity that generates income—must register with the tax authority and obtain a Tax ID. Banks and financial institutions are expected to enforce this requirement by ensuring that all taxable persons provide their Tax ID details before accessing financial services.
Importantly, not everyone is affected by the new directive. Individuals who do not earn income and are not involved in taxable activities will not be compelled to register for a Tax ID. This means the law is not universally binding on all Nigerians, either at home or abroad, but applies strictly to those engaged in taxable economic activities.
The government has emphasized that the measure is aimed at strengthening tax compliance and improving transparency in financial transactions.
Reported by: Stone Reporters News
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