Tax ID Not Compulsory For Bank Accounts Yet – FG Tells Nigerians
The Federal Government has assured Nigerians that they will not be denied access to their bank accounts or other financial services from January 1, 2026, for lacking a Tax Identification Number (Tax ID).
The clarification follows public anxiety over the recent signing of four new tax laws by President Bola Tinubu, which are scheduled to take effect at the start of 2026.
Reports had suggested that Section 8(2) of the new Tax Administration Act makes it compulsory for Nigerians to present a Tax ID before operating bank accounts or engaging in financial services such as insurance, stock trading and pensions.
But in a statement issued on Monday in Abuja, the Joint Tax Board (JTB) dismissed such interpretations as misleading.
“Nigerians are hereby assured that they will continue to have access to their bank account and also continue to carry out financial transactions even beyond January 1, 2026,” said Akpe Adoh, Head of Corporate Communications at the JTB.
According to the Board, the tax reforms are aimed at simplifying compliance, reducing multiple taxation, and exempting vulnerable individuals and small businesses from undue burdens.
It added that the majority of Nigerians would pay lower taxes under the new regime.
The JTB also disclosed that it is working with the Federal Inland Revenue Service (FIRS) and state revenue agencies to establish a harmonised national tax identification system.
Under the arrangement, Tax IDs will be automatically generated for individuals using their National Identification Number (NIN) and for businesses through their Corporate Affairs Commission (CAC) registration numbers.
The agency stressed that no citizen would be locked out of banking or financial services due to the ongoing reforms.
“Again, we restate for the avoidance of doubt that Nigerians will continue to have access to their bank accounts and carry out financial services beyond January 1, 2026, and no one will be denied access on account of not having a Tax ID,” the statement read.
Sodiq Lawal is a passionate and dedicated journalist with a knack for uncovering captivating stories in the bustling metropolis of Osun State and Nigeria at large. He has a versatile reporting style, covering a wide range of topics, from politics , campus, and social issues to arts and culture, seeking impact in all facets of the society.
