BREAKING: Nigerians and Non-Residents Must Have Tax ID to Open or Operate Bank Accounts from January 1, 2026
Lagos, Nigeria – September 12, 2025 – In a major policy shift aimed at strengthening financial transparency and improving tax compliance, the Nigerian government has announced that beginning January 1, 2026, all individuals — including Nigerians and foreign residents — will be required to present a valid Tax Identification Number (TIN) to open or operate a bank account in the country.
The directive, issued by the Federal Inland Revenue Service (FIRS) in collaboration with the Central Bank of Nigeria (CBN), marks a significant step toward curbing illicit financial flows, enhancing revenue generation, and aligning Nigeria with global anti-money laundering standards.
According to officials, this policy will affect all categories of bank accounts, including savings, current, and corporate accounts. Existing account holders without a TIN will be required to update their records with their banks to avoid restrictions or potential account suspension.
Key Highlights of the Policy:
- Mandatory TIN for All Bank Accounts: From January 1, 2026, individuals and entities must present a valid Tax Identification Number to open new accounts or continue operations with existing ones.
- Applies to Non-Residents and Foreign Nationals: Foreigners who maintain Nigerian bank accounts will also be required to register for and provide a TIN, regardless of their residency status.
- Enforcement by Financial Institutions: Banks will be tasked with ensuring compliance, updating their KYC (Know Your Customer) protocols to reflect the new requirement.
The move is part of broader tax reform efforts under the current administration to expand Nigeria’s tax net, reduce reliance on oil revenue, and promote a more formalized economy.
Financial experts have lauded the policy for its potential to boost fiscal discipline and improve economic data, although concerns remain about implementation logistics and public awareness.
What Nigerians Should Do:
With the deadline fast approaching, individuals are advised to visit the nearest FIRS office or use approved online platforms to obtain their TIN. Businesses and corporate entities must also ensure that all associated bank signatories are tax compliant.
This development is expected to increase demand for TIN registration in the coming months, making early compliance crucial to avoid service disruptions.
As the policy takes effect, banks and tax authorities are expected to launch nationwide awareness campaigns to educate the public and ensure a smooth transition.
Stay tuned for more updates on this developing story.
