Amid widespread speculation on social media, concerns have grown among Nigerians over whether they will lose access to their bank accounts from January 1, 2026, if they do not have a Tax Identification Number (TIN).
The fears were fuelled by viral stories such as that of “Mama Ngozi,” a tomato seller in Ajah Market, Lagos, who was reportedly told by a bank cashier that her account could be blocked without a TIN once the new tax law takes effect. The claim sparked heated debate online, with many Nigerians worried about potential disruptions to their financial activities.
What is TIN?
A Tax Identification Number is a unique 13-digit code issued by the Federal Inland Revenue Service (FIRS) and the Joint Tax Board (JTB) to track taxable individuals and businesses. For individuals, the TIN is linked to their National Identification Number (NIN), while for companies, it is connected to their Corporate Affairs Commission (CAC) registration.
What the law says
The Presidential Fiscal Policy and Tax Reforms Committee explained that the Nigeria Tax Administration Act requires all taxable persons to obtain a TIN by January 2026. It clarified, however, that only individuals or businesses earning taxable income are affected.
“Banks and other financial institutions are required to request a Tax ID from taxable persons. Individuals who do not earn taxable income are not required to obtain one,” the committee said.
The committee also stressed that existing TIN holders do not need to register again. Without a TIN, taxable persons may face restrictions on operating bank accounts, insurance, pension, or investment services.
Experts react
Tax expert John Nwokolo told TheCable that holding a bank account does not automatically make one taxable. “If you are not eligible to pay taxes, you won’t be taxed. Linking TIN to accounts is simply a way of building a national database,” he explained.
Government’s clarification
Addressing the controversy, the Head of Corporate Communications at the Joint Tax Board, Mr. Akpe Adoh, reassured Nigerians that no one would be denied access to their accounts after January 1, 2026.
He said the JTB and FIRS were working on a harmonised National Tax Identification system that would automatically generate Tax IDs for individuals through their NIN and for businesses via their RC numbers.
“This initiative will make compliance seamless without disrupting banking or financial activities,” Adoh said. “To be clear, Nigerians will continue to have access to their accounts and financial services beyond January 1, 2026.”
New reforms in effect
Meanwhile, the Federal Government has gazetted Nigeria’s new tax reform laws following President Bola Tinubu’s assent on June 26, 2025, setting the stage for the rollout of the new tax administration framework.
