By Fatima Mukhtar
The Federal Government has announced that, beginning January 1, 2026, no one will be allowed to open or operate a bank account in Nigeria without a Tax Identification Number (Tax ID/TIN).
According to the national tax authorities, the new policy will apply to banks, insurance companies, stockbrokers and other financial institutions across the country. The government explained that the measure is part of efforts to strengthen tax administration and improve transparency in financial transactions.
The authorities stated that individuals who do not voluntarily apply for a Tax ID may be automatically registered through an approved system to enable them obtain the number.
Under the new regulation, new bank accounts will not be opened for persons without a Tax ID, while existing account holders will be required to link their accounts to their Tax ID before they can continue banking activities. Financial institutions are expected to update their operational systems in line with the directive.
The government said the policy will help improve tax compliance and ensure cleaner, more traceable financial records nationwide. It also urged citizens to begin the process of obtaining their Tax ID early to avoid disruptions to their banking operations in the future.
