The Presidential Fiscal Policy and Tax Reforms Committee has launched a public education campaign to address widespread misinformation regarding Tax Identification Number (TIN) requirements for bank accounts.
The initiative, titled “Fact Not Fear,” aims to dispel rumours that bank accounts will be frozen or automatically debited starting January 2026 for customers without a Tax ID.
In a post on X Friday by Taiwo Oyedele, Chairman of the Tax Reforms Committee, Tax IDs are only required for business bank accounts and serve identification and data harmonization purposes. The requirement will not result in automatic debits or account freezing for individual account holders.
The Committee outlined two relevant legal provisions:
Existing Law (Section 49(1) of the Personal Income Tax Act): Banks must require persons opening accounts for business operations to provide a TIN as a precondition for account opening and operation.
New Law (Section 8(2) and Section 147 of the National Tax Administration Act): Financial service providers including banks, insurance companies, and stock-broking firms must ensure that taxable persons provide a Tax ID. This applies specifically to persons obtaining income from trade or business.
The Committee emphasized that Tax ID requirements for business accounts have existed in Nigerian tax law since January 2020, noting that “this is not a new provision.”
“Tax ID is for ease of administration, not punishment,” the statement clarified.
The Committee urged citizens to verify information and question sensational headlines, advising: “Evidence beats emotion. Don’t let distortion or sensational headlines push you to oppose reforms designed to benefit you.”
The public education series encourages Nigerians to ask “Where is it in the law?” when confronted with claims about tax policy changes.
