Nigerian Tax Expert Clarifies Tax ID Requirement for Bank Accounts

Taiwo Oyedele, Chairman of the Presidential Fiscal Policy Tax Reform Committee, clarified that only taxable individuals in Nigeria need a Tax ID for a bank account, exempting non-income earners like students. The Tax ID replaces the older TIN system as part of a unified identification approach.

Existing TIN holders do not require reapplication. Compliance is required by January 1, 2026, with potential restrictions for non-compliant taxpayers.

Workers earning below a certain threshold are exempt from taxation. The government emphasizes the need for legal processes for enforcement.