No Tax ID, No Account: Nigerians React To 2026 Banking Policy

By Stephen Chuks
REACTIONS have continued to trail the new tax law that starting from January 1, 2026, anyone who wants to open or run a bank account in Nigeria — whether Nigerian or foreign resident — will need a Tax Identification Number (TIN). No Tax ID, no bank account.

The rule, part of the new Nigeria Tax Administration Act, 2025, is government’s latest push to expand the tax net and keep closer track of financial transactions. It won’t stop at banks either: insurance companies, stockbrokers, and even government contracts will soon demand the same number.

“He Said It, And He’s Doing It”

As expected, the policy has set off a storm on social media. On X (formerly Twitter), reactions swung from respect to outrage.

One user, @olisa_obioha, took it in stride:

“Please no tears. The man was very transparent about his plans and y’all voted him. He is a man of his word. Honestly, I respect him for that.”

Others weren’t as forgiving. Comments ranged from concern to outright sarcasm:

• “So akara sellers and students must now have tax IDs too? Lovely.”

• “We struggled with NIN and BVN, now it’s TIN. Agents will cash out again.”

• “Instead of taxing survival, why not show us working hospitals, roads, and electricity first?”

Who Exactly Needs a Tax ID?

Here’s where it gets interesting. Some experts, like Taiwo Oyedele, head of the Presidential Fiscal Policy Committee, say the law really applies to taxable persons — not literally every Nigerian with a savings account.

He reminded people that since 2020, business accounts already required TINs. What’s changing now is that the requirement will become broader and more strictly enforced.

But for many Nigerians, the lines still feel blurry. Can your NIN or CAC number double as a Tax ID? Officials have hinted it might, but no official word yet.

Why People Are Worried

• Access: How easy will it be for a trader in a remote village to get a TIN before January?

• Delays & bureaucracy: We’ve seen how stressful NIN registration was.

• Exclusion: Students, unemployed youth, and small traders fear being locked out of the banking system.

• Corruption risk: Many expect middlemen to swoop in, charging illegal fees for “faster processing.”

The Bigger Picture
For government, this is about tightening the net and making sure more people pay their fair share of taxes. For citizens, the big question is: what will we get in return?

Until Nigerians see visible improvements in power supply, roads, hospitals, and schools, many will view the new policy as just another way to squeeze the struggling majority.

Still, experts are urging people not to wait till December 2025. Apply for your Tax ID early and avoid the last-minute scramble.

As one X user put it:

“The policy makes sense, but only if the process is smooth, fair, and corruption-free.”