₦airaland Forum

THE NATION’S EYES NEWSPAPER
September 7, 2025

New Law: Nigerians Must Obtain Tax ID to Operate Bank Accounts, Businesses by 2026

BY NOEL CHIAGOROM

Beginning January 1, 2026, Nigerians will no longer be able to open or operate bank accounts, run businesses, or access financial services without a Taxpayer Identification Number (Tax ID or TIN).

This landmark reform, contained in the newly signed Nigeria Tax Administration Act, 2025, is being described as the most significant change in Nigeria’s financial and tax system in decades.

WHAT THE LAW SAYS

Signed into law by President Bola Ahmed Tinubu in August, the Act makes it compulsory for:

Individuals: No bank account can be opened or operated without a Tax ID.

Businesses: From roadside traders to multinationals, all must register for a Tax ID.

Government Agencies (MDAs): Required to obtain Tax IDs before entering contracts.

Foreign Suppliers: Must register with the new Nigeria Revenue Service (NRS) before doing business in Nigeria.

👉 Under Section 8(2) of the Act, banks, insurers, and stockbrokers will be barred from providing services to anyone without a valid Tax ID.

WHY THE REFORM MATTERS

Nigeria has long struggled with weak tax compliance:

Nigeria – 10% tax-to-GDP ratio

Ghana – 13%

Kenya – 16%

South Africa – 27%+

Global Average – 34%

Out of 200 million+ citizens, only 10 million are registered taxpayers, while more than 60 million Nigerians hold bank accounts.

This gap explains why revenue remains poor despite Nigeria’s economic size. Past reforms like the Bank Verification Number (BVN) and the National Identification Number (NIN) improved identity management. Now, the Tax ID mandate is seen as the next bold step to widen the tax net and cut reliance on oil.

The Act also abolishes the Federal Inland Revenue Service (FIRS), replacing it with the Nigeria Revenue Service (NRS) — a major institutional shake-up.

IMPLICATIONS FOR CITIZENS & BUSINESSES

Bank Customers: No deposits, withdrawals, or transfers without a Tax ID.

Small Businesses: Informal traders must register, creating new compliance obligations.

Corporate Nigeria: Stricter oversight will reduce tax loopholes.

Foreign Firms: Non-resident suppliers must comply before doing business in Nigeria.

PUBLIC REACTIONS

A civil servant in Abuja expressed concern:

> “It’s good for accountability, but I fear delays and corruption in the process.”

A Lagos-based tax consultant welcomed it:

> “This is long overdue. Without linking tax IDs to financial services, compliance will never improve.”

RISKS AND CONCERNS

Exclusion of the Poor: With 38 million adults unbanked, the reform could sideline vulnerable groups.

Bureaucratic Delays & Corruption: Risk of officials exploiting the registration process.

Awareness Gap: Millions may miss the deadline, creating chaos at tax offices.

📌 5 THINGS NIGERIANS MUST KNOW ABOUT THE TAX ID LAW

1️⃣ Effective Date: January 1, 2026 — no Tax ID, no financial services.
2️⃣ Who Must Register: Individuals, businesses, MDAs, foreign suppliers.
3️⃣ Where It Applies: Banks, insurance, stock market, contracts, and business registration.
4️⃣ Why It Matters: Expands tax net; boosts revenue for development.
5️⃣ Risks: Exclusion, corruption, delays, low awareness.

❓ Q & A for Nigerians

Q1: What is a Tax ID?
A unique number issued by the NRS for tax purposes, likely linked to BVN and NIN.

Q2: Who needs it?
Everyone — individuals, businesses, MDAs, and foreign suppliers.

Q3: When does it take effect?
From January 1, 2026.

Q4: How to register?
The NRS will publish guidelines. Expected steps include:

Visit NRS office/center

Fill application form

Provide NIN, BVN, valid ID, address, and business documents (if applicable)

Receive Tax ID

Q5: What happens if I don’t register?
You will be unable to operate bank accounts, access insurance/stockbroking, sign government contracts, or run a registered business.

From January 2026, tax compliance will become a ticket to financial access in Nigeria. This reform is a test of whether government can implement change without worsening hardship. For citizens, it is both a challenge and a call to prepare before the deadline.

Source:
THE NATION’S EYES NEWSPAPER

BY NOEL CHIAGOROM

"We must open the tax bracket. Let those who were not paying start paying now"

Nigerians must come out en mass to demand good governance from these group of kleptomaniacs in government.

Why are our refineries not working? Why is the government demanding tax on PMS when our refineries are not working?

Why are these endless taxing systems on Nigerians, when we are not employed?

All government promises on creating a good environment for economic progress should be met before these taxes are imposed!

How much is minimum wage? Where are the Labour congress members to ensure things are done rightly?

You can’t tax a poor country to get a rich government! The arms of government have been hijacked and arm twisted to do the bidding of a few unscrupulous individuals.

This isn’t governance, this is sheer state capture!


These group of scavengers are eating away our national resources to fund their personal sexual escapades!








. Please spell words correctly when you post, and try to use perfect grammar and punctuation

tinubu wants to loot all the monies within 4 years

omo this man na real thief ooooo

Is opay, monipoint, bybit a joke to them. Those people are not serious in this life. They want to keep making things hard for Nigerian

All those supporting Tinubu's insensitive government and their inhumane policies will realize their mistake by January 2026.


It is very easy to give Gorilla water, but the problem is retrieving the cup back from the Gorilla

Is this a joke or what? What's this tax tax tax?

Oga Tinubu, Nigeria is not UK o!! You better be careful

Gbam! This is how it is ! What about the unemployed and students that have account ! The BVN is for what again ?

You want to tax people who are barley surviving from frying akara by the road side too

No wahala let’s see how it goes but I promise banks go suffer am pass, and someone like me will stop using bank

They should also obtain tax receipts to be allowed to vote in the coming election

Beremx:
Is this a joke or what? What's this tax tax tax?

Oga Tinubu, Nigeria is not UK o!! You better be careful

He did it in Lagos and he would do it again in Nigeria ...

helinues is so damn happy with this news, he's going to throw an owambe party

Touts have seen a new avenue for corruption.

Just like the NIN nonsense.

Taxing without an accountable government is simply extortion. We have been overtaxed already what is needed is a prudent and accountable government

All the taxes and levies and increased IGR this same man implemented in Lagos state since 1999, go to Lagos and see if you can see the impact, roads are still deathtraps, smelly gutters, shanties here and there, poor drainage, bad roads in virtually all inner Lagos streets despite huge iGR. All they do is engage in white elephant projects like rail to enable them loot Lagos treasury in the name of projects.



Now he is replicating the same tax master blueprint he did in Lagos at the national level just to raise more money that he and his cronies will then steal and loot away with white elephant projects


Ask Tinubu what he has used the trillions he said he would save from removing petrol subsidy to do?

Ask Tinubu what he has used all the subsidies he removed from tertiary education tuition fees, electricity, etc to do?


Ask Tinubu what he has used our crude oil resources to do?

Yes this will increase government revenue but that's the only benefit; government will now have more money to steal. Even when crude oil sell at higher price, have Nigerian government ever used the excess to make life better for Nigerians? The answer is NO!


Someone that could not manage NGN1million can never manage NGN1billion, it's as simple as that.

By January 2026, his people supporting his directionless and inhumane policies will realize they were supporting nonsense

We have entered one chance.

By 2027, anyone who survives will need a special thanksgiving.

So my grand mother in the village will now have to obtain a tax card to run her account? What about the Agbero?

Where is the Financial inclision mantra in all of these?

At this rate, I think this government's main aim is to frustrate the life out of Nigerians! Tinubu please forgive us if na offend we offend you 🙏

What some people hate to hear,the word tax gives them heartaches…the only thing the like to hear is subsidy and palliatives.
A wise person will go and register his business and obtain the TIN before time when enforcement will begin

Brendaniel:
When we warned that Tinubu is a tax master some people thought we were being political with it



But Tinubu said he has stopped paying subsidies to have enough money to save and do infrastructure, so what is he still taxing Nigerians more money for again?

you are a youth,paying taxes should not be your concern but the use of the revenue.how many countries still pays subsidies or don’t collect taxes in the world?.anyway there is no kid that will be happy if his father stops the stipends.
The monies they were using to pay subsidies were borrowed,stoping subsidies does not mean they will stop borrowing as some of you supposed.they can now borrow to provide infrastructures instead of doing give away in the name of subsidy.
All the 36 governors have testified to increased allocation,you should hold them responsible for not seeing corresponding increase in development.

When we warned that Tinubu is a tax master some people thought we were being political with it

Lanretoye:
What some people hate to hear,the word tax gives them heartaches…the only thing the like to hear is subsidy and palliatives.

But Tinubu said he has stopped paying subsidies to have enough money to save and do infrastructure, so what is he still taxing Nigerians more money for again?

We will not comply if the govt is not accountable and prudent

time for people to realise the banks are not on your side, there is no future for the population inside the banking system

The tax these band of rogues have been collecting all these years what have they done with it?

Very soon all those businesses wey no dey pay tax will be apprehended!

We also pray to see the dividend of what we are paying for!

The master strategist plotter is after our lives 😥

Oh!!

Well, I don't know what to say.

But how will this help individual and Business owners ?

nlfpmod:
Source:
THE NATION’S EYES NEWSPAPER

BY NOEL CHIAGOROM

The tax master in asorock is upon us again to steal and to destroy.

What a sad country.😥

You can't established tax law without establishing accountability. Were corruption reign tax law fails.

Agbadorians will ignore this post…We have BVN,NIN,STD,ABC,CNN,DSTV,HIV,So what exactly is the color of this govt problem?..

Person were no get work go borrow money pay tax or what, I don't understand 🤒....
Abi poor man no fit get Bank account in peace again

Trust Nigerians to return to the days of cash only transactions.

Anybody that's wants to directly tax your bank account is an ARMED ROBBER.

Nigerians must get ready to resist this nonsense , despite taking stamp duty on all our transactions of over a decade and nothing to show for it , now they want to illegally extort and steal from you account