NEWS
FG Sets January 1, 2026 Deadline for Mandatory TIN Verification on Bank Accounts in Sweeping Tax Compliance Drive
The Federal Government has announced a firm timeline for the full enforcement of stricter tax compliance measures, directing banks across the country to demand a Tax Identification Number (TIN) from all taxable Nigerians operating bank accounts from January 1, 2026.
The disclosure was made by Taiwo Oyedele, Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, during a recent interview shared via his official X account on Thursday. The initiative forms a critical pillar of the government’s ongoing overhaul of Nigeria’s tax administration system, designed to broaden the tax base and strengthen revenue generation.
According to Oyedele, the directive derives its authority from Section 4 of the Nigerian Tax Administration Act (NTAA), which comes into force on the specified date. The provision mandates every taxable individual or entity to register and obtain a TIN as a prerequisite for formal financial and economic activities, including banking.
He explained that under the law, a taxable person is defined as anyone earning income through trade, business, or any form of economic activity, making it compulsory for banks to request and verify tax identification from such account holders.
In response to growing public concerns, Oyedele clarified that the policy will not be applied indiscriminately. Non-income earners, including students and dependents without taxable income, are exempt from the requirement and will not be compelled to present a TIN to operate bank accounts.
He further cautioned that taxable individuals or businesses who fail to obtain a valid TIN risk facing restrictions on their bank accounts once the enforcement regime begins.
However, he assured Nigerians that those who already possess TINs will not be required to undergo a fresh registration process.
Oyedele also noted that while the TIN requirement was first introduced under the 2020 Finance Act, its implementation remained limited. The enactment of the Nigerian Tax Administration Act now provides the robust legal framework needed for full, uniform enforcement across the banking sector from 2026.
The policy is expected to significantly tighten compliance, reduce tax evasion, and improve transparency within Nigeria’s financial system as the government intensifies efforts to reform fiscal governance.