The federal government says the new law requiring Tax Identification Number (TIN) for operating bank accounts does not apply to all Nigerians, but only applicable to taxable adults.
The new law, enacted under the Nigeria Tax Administration Act (NTAA), has made it mandatory for Nigerians to have Tax Identification Number (Tax ID) before operating bank accounts.
The law will take effect from January 1, 2026.
Taiwo Oyedele, the Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, said the law would only be applicable to taxable persons who carry out trade, business, or economic activities for income generation.
He made the clarification in a post on his X handle, stressing that individuals who do not earn income and are not taxable are not required to obtain one the tax identification number.
Oyedele said the policy was not new, adding that the Finance Act of 2019 already required a Tax Identification Number (TIN) for opening business accounts since January 2020.
“The Tax ID is not a physical card, but a unique number linked to your identity.
“Nigerians should avoid touts or unofficial agents claiming to issue Tax ID cards.
“For most ordinary Nigerians, there is no extra burden because their NIN or CAC number will serve as their Tax ID.
“The goal is to ensure that those who earn taxable income contribute their fair share while low-income citizens remain protected,” he said.
(vitalnewsngr.com)
