The Joint Tax Board (JTB) has reassured Nigerians that they will continue to operate their bank accounts and carry out financial transactions even if they do not possess a Tax Identification Number (Tax ID) before January 1, 2026.
This statement comes in response to concerns raised over the new Tax Administration Act, which is set to take effect from the start of 2026 and makes Tax IDs mandatory for banking and other financial activities.
According to Section 8(2) of the legislation, once the Act is in force, anyone wishing to operate a bank account or engage in insurance, stock, or related financial services must have a Tax ID.
However, the JTB, through its Head of Corporate Communications, Akpe Adoh, emphasized that the law’s enforcement will not restrict current banking access.
Don’t Miss This: FX inflows, reserves boost naira to N1,497/$
“The attention of the Joint Tax Board (JTB) has been drawn to recent reports suggesting that Nigerians without a Tax Identification (Tax ID) will be denied access to their bank accounts or financial services from January 1, 2026,” Adoh said.
“We wish to assure the public that access to bank accounts and the ability to conduct financial transactions will continue uninterrupted beyond this date.”
The JTB highlighted that ongoing tax reforms under President Bola Ahmed Tinubu aim to simplify compliance, eliminate multiple taxation, provide exemptions for vulnerable individuals and small businesses, and generally reduce the tax burden for most Nigerians.
To facilitate this, the JTB, alongside the Federal Inland Revenue Service (FIRS), is developing a harmonized National Tax Identification system that will integrate the National Identification Number (NIN) for individuals and Registration Number (RC) for businesses, allowing automatic generation of Tax ID.
The board urged Nigerians to disregard misleading reports and reiterated its commitment to implementing tax policies that promote fairness, economic growth, and a business-friendly environment.
This clarification comes amid public scrutiny of provisions such as the 5 percent Petroleum Products Tax, which has also drawn criticism and prompted clarification from the Minister of Finance, Wale Edun, stating that there is no immediate plan for its enforcement.
Source: https://www.vanguardngr.com/2025/09/jtb-nigerians-without-tax-id-can-operate-bank-accounts/
Image Credit: Nigerian Tribune
