By Our reporter
Former Speaker of the House of Representatives, Yakubu Dogara, has stated that Nigerians will now be required to obtain a Tax Identification Number (TIN) in order to open or operate bank accounts, following the passage of the Nigeria Tax Administration Act (NTAA) of 2025.
Dogara made this announcement while speaking at a public policy forum in Abuja, explaining that the new law requires all taxable persons, including individuals and businesses engaged in economic activities, to have a valid TIN to access banking services.
He referred to Section 4 of the NTAA, which mandates financial institutions to request a Tax Identification Number from customers before allowing them to open new accounts or continue operating existing ones.
According to Dogara, this measure aims to improve transparency and accountability in the financial system. He described a taxable person as anyone earning income through trade, business, profession, or any other economic activity, all of whom are now expected to register with tax authorities and obtain a TIN.
While acknowledging that some Nigerians may see this requirement as an added burden, Dogara said it is an important step toward broadening the tax base, reducing tax evasion, and enhancing government revenue to support public services.
He added that linking TINs to banking services aligns Nigeria with international standards and will help capture informal sector earnings and track economic activities more accurately.
Dogara urged the Federal Inland Revenue Service and the Central Bank of Nigeria to conduct public awareness campaigns to ensure that citizens understand the reform and can comply easily.
He also recommended a transition period and user-friendly registration processes, especially for people in rural or underserved areas.
The Nigeria Tax Administration Act was signed into law earlier this year as part of the government’s effort to improve domestic revenue in light of declining oil income and growing economic needs.
Banks are expected to begin enforcing these new requirements soon, and individuals or businesses without a TIN may face restrictions in accessing financial services if they do not register in time.
