Beginning January 1, 2026, Nigeria will enforce new requirements mandating a Tax Identification Number (TIN) to open bank accounts.
Process of Obtaining a Tax ID
Obtaining a Tax Identification Number in Nigeria will follow a simple and free process:
**Step 1: Check if You Already Have a Tax ID** - Visit the official Joint Tax Board (JTB) TIN Verification Portal. - Select ‘Search for TIN’ option. - Enter your BVN and Date of Birth to see if a Tax ID has been automatically assigned.
**Step 2: Register for a New Tax ID (if Needed)** - If your search yields no results, register for a new Tax ID via the JTB TIN Registration Portal. - Select ‘Register for TIN’ for individuals. - Fill in required information including BVN and NIN. - Submit the form and follow the instructions to receive your Tax ID certificate.
Understanding the New Tax Law
The Nigeria Tax Administration Act, 2025, signed by President Bola Ahmed Tinubu, is part of a broader initiative to reform the nation's financial system.
The legislation mandates that all taxable persons must have a valid Tax ID to access financial services, including bank accounts and insurance policies. This requirement extends to non-residents earning income from Nigeria, and tax authorities are empowered to automatically assign Tax IDs to unregistered persons.
Expert Insights and Clarifications
Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, provided clarifications about the new law. He stated that the implementation of a Tax ID is not a new rule, but an enforcement of existing guidelines.
Oyedele emphasized that the NIN for individuals will ultimately serve as a Tax ID to promote fairness in taxation while protecting low-income citizens from being taxed.
The new requirement to obtain a Tax Identification Number in Nigeria starting January 1, 2026, will reshape financial service access for individuals and businesses, ensuring greater payment transparency and compliance with tax regulations.
