In a sweeping reform that could affect millions of Nigerians, the Federal Government has announced that starting January 1, 2026, no bank account, insurance, or investment service will be accessible without a valid Tax Identification Number (TIN).
The directive, anchored in the Nigeria Tax Administration Act 2025, has been described as one of the boldest moves in Nigeria’s financial history, aimed at improving tax compliance, reducing over-dependence on oil revenues, and boosting transparency across the economy.
Why It Matters
From banking to insurance, stock trading, and even loan applications, Nigerians will soon find that the Tax ID requirement is unavoidable. Section 8(2) of the Act clearly states that “a person engaged in banking, insurance, stock-broking, or other financial services in Nigeria shall ensure that every taxable person provides a Tax ID.”
Foreign nationals and companies operating in Nigeria are not exempt. Section 6(1) mandates non-residents who earn income in the country to register for a TIN.
Failure to comply could result in frozen accounts, blocked access to credit, suspended insurance policies, or restrictions on investment platforms.
How to Know If You Already Have a TIN
The good news is that many Nigerians may already have a TIN automatically linked to their BVN (Bank Verification Number) or NIN (National Identification Number).
To confirm:
- Visit the official JTB TIN Verification Portal at https://tin.jtb.gov.ng
- Select “Search for TIN”
- Enter your BVN and Date of Birth
- If your TIN exists, it will appear immediately
If nothing shows up, you will need to register for one.
Registering for a New Tax ID – It’s Free
If you don’t have a TIN, registration is simple and completely free:
- Visit the JTB TIN Registration Portal at https://tin.jtb.gov.ng
- Select “Register for TIN – Individual”
- Provide your BVN, NIN, and personal details
- Submit your form and download your Tax ID certificate once processed
For companies, the CAC registration number automatically serves as the unique Tax ID.
Expert Clarifications
To address public concerns, Taiwo Oyedele, Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, emphasized that the reform is not entirely new but an enforcement of existing laws first introduced in the Finance Act of 2019.
He further clarified:
- NIN (for individuals) and CAC number (for companies) will now double as TINs.
- Low-income earners outside the tax bracket will not be unfairly burdened.
- The aim is fairness: widening the tax net so more people contribute their share while easing pressure on compliant taxpayers.
In his words: “This is about broadening the tax net, improving fairness, and ensuring Nigeria can fund essential services without overburdening the few who currently pay tax.”
Frequently Asked Questions
1. Is getting a TIN free?
Yes, the process is 100% free.
2. Can I register without BVN?
Yes. NIN can also be used. Companies use CAC registration numbers.
3. What happens if I don’t get one?
Your accounts could be restricted or frozen, and access to loans, pensions, and insurance will be cut off.
4. Do students or unemployed Nigerians need a TIN?
Yes, all account holders must have one, even if they do not earn taxable income.
5. Will my NIN automatically become my TIN?
Yes. For individuals, NIN serves as TIN. For companies, CAC numbers serve as TIN.
The message is clear: Register now or risk losing access to Nigeria’s financial system by January 2026.
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