Personal Accounts Exempt From TIN Rule — Only Business Users Must Comply, Says Oyedele

THE Presidential Committee on Fiscal Policy and Tax Reforms has clarified that Nigerians do not need a Tax Identification Number (TIN) to operate personal bank accounts, unless those accounts are used for business transactions.

Committee Chairman, Taiwo Oyedele, made the clarification during a weekend briefing in Abuja, explaining that tax authorities can now identify business-related activity through the Bank Verification Number (BVN). Accounts showing multiple customer payments or supplier transactions will be classified as business accounts and must have a TIN, he warned.

“If you are using a personal account for business, get a tax ID. With BVN, we can trace it,” Oyedele said, adding that evasion attempts through relatives’ accounts can also be detected. He noted that the requirement is rooted in the Finance Act 2020 and that some banks already apply it.

Oyedele also addressed public concerns around capital gains tax, saying 99% of investors remain exempt because gains below ₦150 million annually are not taxed. Foreign investors who reinvest their earnings are also exempt, while bonus shares and stamp duties on share transfers have been scrapped.

He said these reforms have boosted investor confidence, contributing to ₦2.1 trillion in foreign inflows by October 2025. At the same time, low-income earners earning up to ₦100,000 monthly will pay no PAYE from January 2026, while essential goods — including food, rent, education, health and transport — will attract zero VAT, allowing producers to reclaim input tax.

Oyedele added that reforms aim to rebuild a struggling economy inherited in 2023, citing improvements in oil production, FX supply and a more progressive tax system. He urged individuals and businesses to maintain proper records from January, as VAT refunds and other reliefs will rely on accurate documentation.