Chairman, Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, has come out to separate “facts from misinformation” on Tax ID.
Via a public education series posted on X, Oyedele clarified, “your bank account will not be frozen without a tax ID”, and, tax ID (TIN) “is ONLY required for income or business accounts”.
Oyedele posted:
“Fact not fear (issue #1)
Separating facts from misinformation. A public education series by the Presidential Fiscal Policy & Tax Reforms Committee.
Bank Account & Tax ID
The Fear:
Your bank account will be frozen without a Tax ID, and you will be automatically debited from January 2026.
The Fact:
• Tax ID (TIN) is ONLY required for income or business accounts.
• This is for identification and data harmonization, NOT automatic debit or freezing personal accounts.
• This provision is not new; it has existed since January 2020.
Bottom Line:
Don’t panic! The Tax ID requirement is for ease of administration, not punishment, and applies primarily to business accounts.
Final Word:
Evidence beats emotion. If they make a claim, ask them: “Where is it in the law?”
“Existing Law – S.49(1) PITA
A person engaged in banking shall require that a person intending to open a bank account for the purpose of business operation shall provide a TIN as a precondition for opening or continue operating of such bank account.
“New Law – S.8(2) & 147 NTAA:
A person engaged in banking, insurance, stock-broking or other financial services in Nigeria shall ensure that every taxable person provides a tax ID. A taxable person means a person obtaining income from trade or business.”
