The Federal Government has clarified that its new Tax Identification Number (Tax ID) requirement is targeted at taxable individuals and businesses—not every bank account holder.
Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Taiwo Oyedele, explained that under the Nigeria Tax Administration Act (NTAA), a harmonised Tax ID will streamline compliance and close loopholes. For most people, an existing NIN or CAC number will automatically serve as their Tax ID, while current TINs remain valid.
From January 2026, taxable persons without a Tax ID may face restrictions on bank accounts, pensions, insurance, or investment services. Entrepreneurs and professionals are therefore advised to register early to avoid disruptions.
Oyedele stressed that the reform is designed to make business easier, reduce duplication, and ensure fairness, while protecting low-income Nigerians outside the tax net.
