*As Nigerians worry over new tax regime which kicks off January 1 2026
*Customers besiege banks, seek information on Tax Identification Number
*Suggest that banks, FG should embark on serious sensitisation before implementation
*New tax regime requires all taxable Nigerians to have Tax Identification Number
By our correspondant
There’s palpable fear among customers in the banking sector on the issue of tax identification number, as customers besiege banks to know whether they would be able to operate the accounts from January 1, 2026.
The chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, recently said that banks will be required to request a Tax Identification Number from all taxable Nigerians as part of President Bola Tinubu’s new tax regime set to take effect on January 1, 2026.
However, investigation has shown that some customers who are curious about the policy that suggests that taxable individuals may have problems operating their bank accounts have turned to the banks to inquire what would happen to their account when the policy comes into effect from January 1 2026.
A customer who talked with our reporter in one of the Access bank branches in Abuja said he does not know how to get an identification number. He suggested that the banks and federal government should embark on serious sensitization on the policy to explain the importance before the implementation.
According to him, “This type of policy that affects a wide range of people supposed to be given public education particularly in the unorganised part of the economy, particularly traders, artisans and farmers.”
Also a banker who prefers not to mention his name expressed fear that the policy may further reduce customers of banks as it may create fear of the unknown in the public.
“I think that without proper orientation of the policy to the banking public some people may prefer to be out of the use of banks for fear of unnecessary charges by the federal government. So the solution in my opinion is to ensure that people are adequately carried along on the pros and cons of the policy. Although I believe it’s in the interest of the Nigerian public if the tax net is expanded.” He stated.
Mr Oyedele, who disclosed the development in an interview shared on his X account, said Section 4 of the Nigerian Tax Administration Act makes it mandatory for all taxable individuals to possess a tax ID.
“Any taxable entity without a tax ID may have difficulty running their bank account in the near future,” Mr Oyedele said in the interview.
President Bola Tinubu signed the new tax act into law in June 2025.
Mr Oyedele however, has clarified that the tax ID policy does not apply to students or dependents that operate bank accounts.
He also noted that the policy has been in existence since the 2020 Finance Act, but the NTAA now provides the formal legal backing for enforcement.
He added that income earners and businesses that already have TINs would not need to obtain new tax IDs.
“Yes, but with some exemptions. A section of the NTAA requires a taxable person to register and obtain a tax ID.
“A taxable person is anyone who earns income through trade, business, or any economic activity. So banks must request a tax ID from taxable persons. This means that individuals who do not earn an income, such as students and dependents, do not need to obtain a tax ID,” Mr Oyedele said.
