The Joint Tax Board (JTB) has reassured Nigerians that they will not be denied access to their bank accounts after January 1, 2026, despite the new Tax Administration Act mandating Tax Identification Numbers (Tax IDs) for financial transactions.
In a statement from Abuja, Akpe Adoh, Head of Corporate Communications for the JTB, dismissed reports suggesting that citizens without Tax IDs would be barred from banking once the new tax laws take effect. “Nigerians are hereby assured that they will continue to have access to their bank accounts and also carry out financial transactions even beyond January 1, 2026,” the statement read.
Recently, President Bola Ahmed Tinubu signed four new tax laws, including the Tax Administration Act, which states in Section 8 (2) that a Tax ID will be mandatory for banking, insurance, stock market operations, and other financial services starting January 1, 2026. This provision raised concerns that individuals lacking Tax IDs could be excluded from the financial system.
However, the JTB clarified that Tax IDs will be automatically generated for individuals using their National Identification Number (NIN) and for businesses through their Corporate Affairs Commission (CAC) registration number. This initiative aims to simplify tax compliance, eliminate multiple taxation, provide exemptions for vulnerable groups and small businesses, and ensure that most Nigerians will pay lower taxes under the new regime.
Despite the assurances, tax analysts have pointed out a contradiction between the JTB’s statements and the explicit wording of the law. This situation mirrors previous controversies surrounding the Petroleum Products Tax, which faced criticism until Finance Minister Wale Edun confirmed there were no immediate plans for its implementation.
The JTB urged the public to remain calm, emphasizing that the reforms are designed to promote fairness, inclusivity, and ease of doing business. However, as the January 2026 commencement date approaches, clarity between the legal provisions and policy assurances will be vital for maintaining public confidence.
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