From January 1, 2026, anybody wey wan open or run bank account for Nigeria must first get Tax Identification Number (Tax ID).
Dis new rule dey inside Nigeria Tax Administration Act, 2025, wey President Bola Tinubu don sign.
Wetin the law talk
According to Section 8(2) of the Act, Tax ID go dey compulsory for banking, insurance, stockbroking and plenty other financial services. E go still apply for anybody wey wan do government contract for federal or state level.
For foreigner dem, Section 6(1) say anybody wey dey do business, supply goods/services or dey make money for Nigeria must register get Tax ID before dem fit operate.
To make sure nobody dodge, Section 7(3) empower tax authority to assign Tax ID by force give anybody wey no register. If business stop to dey operate, the law talk say dem must notify tax office within 30 days.
Why government dey do am
Government say na to expand tax net and raise more money wey go support economy. Analysts dey talk say the new law fit increase compliance because e go tie bank accounts and business to tax system.
Financial institutions now dey rush adjust their systems so that from 2026, anybody without Tax ID no go fit open or use account.
Expert view
Some experts clap for the move, talk say e go improve transparency and accountability. But others dey warn say success go depend on how fast tax offices fit issue IDs, so that e no go disturb people and business.
The big picture
With oil money no dey as before, Nigeria dey find new way to boost revenue. If dem implement well, dis Tax ID policy fit change how people and business dey pay tax for Nigeria.
 go dey compulsory for Nigerians and foreigners wey wan open or use bank account. New law go also cover insurance, stockbroking and government contracts.){kind=link}