Nigerians won’t lose access to bank accounts over Tax ID — JTB

The Joint Tax Board (JTB) has debunked reports suggesting that Nigerians without a Tax Identification Number (Tax ID) will lose access to their bank accounts or be barred from financial services from January 1, 2026.

The clarification follows the circulation of a document issued by the Presidential Fiscal Policy and Tax Reform Committee, which implied that taxable individuals without a Tax ID might be unable to operate bank accounts, insurance policies, pension funds, or investment portfolios after the stated date.

The document, titled “New Tax Acts and Tax ID – What You Need to Know”, was shared online by the committee’s chairman, Taiwo Oyedele, who explained that sanctions would apply under the new tax framework.

In a statement signed by its spokesperson, Akpe E. Adoh, the JTB assured Nigerians that their access to banking and financial services would remain unaffected, regardless of whether they possess a Tax ID.

“Nigerians are hereby assured that they will continue to have access to their bank account and also continue to carry out financial transactions even beyond January 1, 2026,” the board said.

The JTB explained that ongoing tax reforms are aimed at simplifying compliance, reducing multiple taxation, and making the system fairer and more inclusive.

It stressed that vulnerable groups and small businesses will benefit from exemptions, while most Nigerians will pay less tax under the new regime.

As part of the reforms, the JTB, in collaboration with the Federal Inland Revenue Service (FIRS) and state revenue agencies, is working on a harmonised National Tax Identification system.

The system will integrate the National Identification Number (NIN) for individuals and the Corporate Affairs Commission registration number (RC) for businesses as unique identifiers, automatically generating Tax IDs without disrupting banking or financial transactions.

The board urged Nigerians to disregard rumours about being locked out of their accounts, reaffirming: “For the avoidance of doubt, Nigerians will continue to have access to their bank accounts and carry out financial services beyond January 1, 2026, and no one will be denied access on account of not having a Tax ID.”