The Federal Government has announced plans to restrict bank accounts without a valid Tax Identification Number (TIN) from January 1, 2026, as part of a sweeping reform aimed at strengthening tax compliance and expanding Nigeria’s revenue base.

The development was confirmed by Taiwo Oyedele, Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, who explained that the policy will require banks to verify the TIN status of taxable individuals and businesses operating bank accounts in Nigeria.

According to Oyedele, the directive is backed by the Nigerian Tax Administration Act (NTAA), which provides the legal framework for enforcing mandatory tax registration for income-earning Nigerians. Under the law, anyone engaged in trade, business, employment, or other economic activities is required to register for tax and obtain a TIN.

With the enforcement date set for 2026, banks will be mandated to request TINs from taxable account holders, while accounts linked to individuals or entities without valid tax identification may face operational restrictions.

However, the government clarified that the policy does not apply to non-income earners, including students and dependents. These categories of bank customers will remain exempt from the TIN requirement.

Oyedele also reassured Nigerians who already possess TINs that no fresh registration will be required, stressing that the focus is on enforcement rather than duplication of records.

Although the TIN-bank linkage was first introduced under the Finance Act of 2020, the new Nigerian Tax Administration Act now enables full enforcement across the banking sector, ensuring compliance by financial institutions and taxpayers alike.

The Federal Government says the initiative will improve tax transparency, digital compliance, and revenue monitoring, while supporting Nigeria’s transition to a more data-driven and automated tax system.

As the 2026 deadline approaches, financial experts advise individuals and businesses earning taxable income to regularise their tax status early to avoid potential disruptions to banking operations.