The Federal Government has moved to calm public anxiety over reports that every Nigerian must obtain a Tax Identification Number (Tax ID) before opening or maintaining a bank account.
Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Taiwo Oyedele, clarified that the new policy applies only to taxable persons and businesses โ not to ordinary citizens without taxable income.
In a statement posted on his official X handle, Oyedele said the recently enacted Nigeria Tax Administration Act (NTAA) simply consolidates existing provisions and does not impose fresh obligations on low-income Nigerians.
โBanks and financial institutions are required to request a Tax ID from taxable persons. However, individuals who do not earn income and are not taxable are not required to obtain one,โ he stated.
The NTAA builds on the Finance Act of 2019, which first introduced the requirement for businesses to present a Tax Identification Number (TIN) when opening accounts. According to Oyedele, the NTAA now replaces multiple identifiers with a single, harmonised Tax ID to reduce duplication and loopholes.
He explained that individualsโ National Identification Number (NIN) and companiesโ Corporate Affairs Commission (CAC) registration numbers will automatically serve as their Tax IDs.
Existing TINs remain valid, while new applicants can obtain theirs online or at tax offices free of charge.
โThe 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,โ he cautioned.
The law also covers non-resident companies doing business in Nigeria, as well as government-owned enterprises and agencies. Nigerians in the diaspora may also obtain a Tax ID using their NIN for banking or investment purposes.
Well, we’ll find out when the implementation starts.