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From January 1, 2026, Nigerians and non-residents will not be able to open or operate a bank account without a Tax Identification Number (Tax ID).
This is part of the Nigeria Tax Administration Act, 2025, signed into law by President Bola Tinubu on June 26, 2025.
The law makes it mandatory to present a Tax ID for the following:
- Opening or running a bank account
- Insurance transactions
- Stock market activities
- Contracts with federal, state, or local governments
All taxable individuals must register with the appropriate tax authority to get a Tax ID. Government agencies at all levels are also required to obtain Tax IDs.
Non-residents who provide taxable goods or services in Nigeria must register and pay tax in the country.
The Act allows tax authorities to issue a Tax ID to anyone who fails to apply or reject applications if the provided information is incomplete or invalid. In both cases, feedback must be given within five working days.
Business owners who suspend or close their operations must notify the tax authority within 30 days. Their Tax ID will then be marked as dormant or deregistered.
