Beginning January 1, 2026, Nigerians and non-residents will no longer be able to open or operate a bank account without a Tax Identification Number (Tax ID), following the implementation of the newly signed Nigeria Tax Administration Act, 2025.
The law, recently assented to by President Bola Ahmed Tinubu, makes it mandatory for every taxable person to present a Tax ID before accessing financial services, including banking, insurance, stockbroking, and other related transactions.
According to Section 8(2) of the Act, the requirement is aimed at broadening the nation’s tax base, improving compliance, and aligning Nigeria’s financial system with global best practices.
The Federal Government said the measure would not only enhance revenue generation but also curb illicit financial flows, money laundering, and tax evasion.
However, concerns are already being raised about how the policy may affect informal sector workers, rural dwellers, and others with limited access to the registration process. Financial institutions are also expected to adjust their systems to ensure compliance before the deadline.
With this development, all account holders and prospective customers are advised to obtain their Tax Identification Numbers from the Federal Inland Revenue Service (FIRS) ahead of the 2026 enforcement date.
