Banks operating in Nigeria will be required to request a Tax Identification Number (TIN) from all taxable Nigerians beginning January 1, 2026, when the country’s new tax laws officially come into effect.
According to Oyedele, the policy will require banks and other financial institutions to obtain and verify customers’ TINs as part of routine banking and compliance procedures. The initiative is aimed at promoting tax compliance, reducing tax evasion, and increasing transparency within Nigeria’s financial ecosystem.
Under the new regulation, individuals and businesses classified as taxable but without a TIN may face limitations in accessing certain banking services once the law takes effect. However, the government has assured that safeguards will be put in place to protect non-taxable and vulnerable citizens from undue hardship.
The reform is expected to strengthen data sharing between tax authorities and financial institutions, support better fiscal planning, and align Nigeria’s tax administration with international best practices.
As the January 2026 commencement date draws closer, the Federal Government is expected to roll out awareness campaigns and streamline the TIN registration process to ensure widespread compliance.