From January 2026, Nigerians and non-residents must present a Tax ID to access banking and financial services under the new Tax Administration Act.
Beginning January 1, 2026, all Nigerians and non-residents will be required to present a Tax Identification Number (Tax ID) to open or operate bank accounts, following the passage of the Nigeria Tax Administration Act, 2025, signed into law by President Bola Tinubu.
According to Section 8 of the Act, financial institutions must ensure every taxable person provides a Tax ID before accessing banking, insurance, stockbroking, or allied services. The law also makes a Tax ID compulsory for contracts with federal and state governments.
Non-residents supplying goods or services in Nigeria must also register for tax purposes and obtain a Tax ID. Section 7 empowers tax authorities to assign one to those who fail to comply.
The Act allows holders to suspend or deregister their Tax ID if they cease taxable activities.
Analysts say the legislation is aimed at expanding the tax net and improving compliance as financial institutions begin system upgrades for 2026.