FG to restrict bank accounts for Nigerians without TIN from January 2026

The federal government has announced plans to enforce a new phase of its tax reforms, targeting bank account holders across the country.

From January 1, 2026, all taxable Nigerians will be required to possess a valid Tax Identification Number (TIN) before they can operate their bank accounts.

The announcement was made by Taiwo Oyedele, Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, who explained that the requirement is anchored in Section 4 of the Nigerian Tax Administration Act (NTAA), which comes into effect at the start of 2026.

Oyedele noted that the policy was initially introduced under the Finance Act of 2020, but the NTAA now provides a legally binding framework, obliging financial institutions to fully implement it.

He clarified that taxable individuals include anyone earning income through employment, business, trade, or other economic activities. Banks will be required to request a TIN from such individuals to maintain account operations.

“Individuals who do not earn an income, such as students and dependents, are exempt from this requirement,” Oyedele said, adding that anyone without a TIN may face difficulties operating their accounts once the new rules take effect.

He also reassured Nigerians that people and businesses who already have a TIN do not need to obtain a new one.

Financial analysts view the move as part of a broader strategy to expand Nigeria’s tax net, improve compliance, and curb revenue leakages.

Banks are expected to adjust their systems in line with the NTAA ahead of the deadline.

The tax reforms form part of President Bola Ahmed Tinubu’s administration’s plan to modernize the country’s tax system and increase revenue without raising tax rates, following the signing of revised tax laws in June 2025.