By Mary Onyia
The Federal Government has advised all taxable Nigerians to ensure they obtain their Tax Identification Number, TIN, before January 1, 2026, to be able to operate their bank accounts.
Tiawo Oyedele, Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms gave this warning in an interview during the week shared on his social media account ‘X’ .
He announced that by January 1, 2026, every taxable Nigerian will be required to have a tax ID to operate a bank account in line with section 4 of the Nigerian Tax Administration Act, NTAA, adding that anyone failing to do so may experience difficulties accessing his bank accounts.
TIN is a unique identification number, issued by the Federal Inland Revenue Services, FIRS, or State Board of Internal Revenue, to be used by all registered persons/entities for payment of taxes.
The TIN helps to track taxable income, collects revenue and ensures compliance with income tax laws.
Oyedele, however, stated that for most individuals and businesses, their National Identification Number, NIN, or CAC RC number will serve as their Tax ID with no extra paperwork.
He dismissed fears in most quarters that government plans to deduct money from people’s accounts, stressing that nobody has any right to deduct money from anyone’s bank account without due process.
” Let me say this clearly: Nobody – not FIRS, not CBN, not any government agency, has the power to debit your bank account,” he declared.
Oyedele further allayed the fears among Nigerian over the new Tax reforms, adding that the idea of the tax reforms was not meant as punishment to Nigerians, stressing that it was all done to make life easier for Nigerians and avoid double taxation as well as support economic recovery.