The Federal Government has announced that, effective January 1, 2026, Nigerians and non-residents will not be able to open or operate bank accounts without a valid Tax Identification Number (Tax ID).
The new rule, contained in the Nigeria Tax Administration Act 2025, also extends to other financial services including insurance, stock market transactions, and government contracts.
Authorities say the measure is aimed at widening the tax base and improving compliance, while financial institutions have been directed to update their systems for enforcement.
Citizens and businesses are urged to obtain their Tax IDs before the deadline to avoid disruption in banking and related services.